L2 Scaling Solution Polygon Rolls Out POL Smart Contract

    Supply: Polygon

    Polygon Labs, makers of the Polygon community, has introduced the rollout of its a lot anticipated POL smart contract token on the Ethereum mainnet.

    The Polygon group shared this thrilling growth on X (previously Twitter), explaining that the brand new token improve is meant to interchange the age-old MATIC token as an ecosystem asset.

    On-chain data on the Etherscan platform exhibits that POL was deployed on October 25 at roughly 09:06 AM (UTC).

    POL (Polygon Ecosystem Token) was launched on the Ethereum network at block top 18426253 following 2,620 block confirmations.

    Offering an underlying context for retiring the MATIC token, the Polygon group stated POL is a key participant in its drive for the way forward for Polygon 2.0.

    Polygon 2.0 is the layer-2 scaling solution’s subsequent step towards unlocking the total potential of each the Ethereum and Polygon blockchain protocols.

    The Polygon community first knowledgeable the world of its intentions to develop a Polygon 2.0 structure on June 12.

    Within the X submit, Polygon said that this new frontier would supply limitless scalability and unified liquidity in a bid to rework Polygon into a price layer of the web.

    Extra particulars had been shared in a September 14 submit with Polygon saying a proposal implementation for 3 Polygon Enchancment Proposals (PIPs).

    Within the submit, Polygon Labs outlined that it could concentrate on 4 principal upgrades, together with migrating MATIC to POL, whereby the brand new token would assume duty for community charges and staking capabilities beforehand held by MATIC.

    To this point, the primary section of their roadmap has been efficiently executed. This layer-2 scaling resolution is now gearing up for a full launch, doubtlessly as early because the fourth quarter of this 12 months.

    POL’s Rising Record of Tasks

    POL is about to play a pivotal function in powering an unlimited ecosystem of zero-knowledge-based layer 2 blockchains, providing the spine for implementing a re-staking protocol throughout a number of chains.

    This may permit POL token holders to safe their property on numerous blockchain protocols whereas performing different capabilities elsewhere.

    As well as, the profitable deployment of the POL good contract token on the Ethereum mainnet will allow the continued implementation of Polygon 2.0’s roadmap.

    This new strategic course will see the event of a brand new staking layer for the Polygon community. There may even be a transition from the modular proof-of-stake (PoS) consensus mechanism to a zero-knowledge Ethereum Digital Machine (zkEVM) layer-2 protocol.

    On a last word, a wholly new shared liquidity protocol could be crafted for all Polygon-based networks.

    Placing out reviews of customers having to swap their MATIC tokens for POL, the Polygon group stated the previous token remains to be the default fee and staking mechanism for on-chain transactions.

    POL would solely change it within the close to future because the protocol’s ecosystem token.

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