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Today, we are excited to share a new article about Polygon (POL)!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
Polygon Labs has achieved a significant milestone by launching its POL token on the Ethereum mainnet. This development is a key part of Polygon's evolution into the Polygon 2.0 ecosystem. In this article, we'll explore the POL token's transition from MATIC and its potential impact on the cryptocurrency landscape.
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POL Emerges: Evolving from MATIC
The POL token is Polygon's response to the need for ongoing development. It builds upon the foundation of MATIC, Polygon's existing native cryptocurrency, while aligning seamlessly with the forthcoming Polygon 2.0 upgrade.
The journey to POL began with the approval of key Polygon Improvement Proposals (PIPs) in September. PIP-17 initiated the upgrade to POL, and PIP-19 recommended POL as the network's proof-of-stake native gas and staking coin. These proposals set the stage for POL to take center stage within the Polygon 2.0 ecosystem, introducing features like staking, community ownership, and governance.
POL: A Next-Generation Token
What sets POL apart is its classification as a "next-generation hyperproductive token" by Polygon Labs. Designed to empower a diverse ecosystem of zero-knowledge-based Layer 2 chains, POL introduces a native re-staking protocol. This empowers POL holders to validate multiple chains and perform various roles within the ecosystem, making it a versatile and multifunctional asset.
The Path Forward: POL and Polygon 2.0
While POL is now live on the Ethereum mainnet, it will not immediately replace MATIC. This transition requires governance approval and is closely tied to the Polygon 2.0 upgrade.
The final steps of this upgrade are bold, including launching a new staking layer for Polygon Layer 2 chains, transitioning to zkRollup, and implementing a ZK-powered interoperability and shared liquidity protocol for all Layer 2 chains in the Polygon ecosystem. This positions Polygon as a strong contender in the blockchain space.
POL Token: The Ecosystem's Backbone
POL will serve as the primary means of value exchange for all blockchains within the Polygon network. This includes the main Polygon blockchain, the Polygon zkEVM network, and various supernets, which are application-specific blockchains that operate on the Polygon network. Converting MATIC to POL is a straightforward process: users send MATIC tokens to a designated upgrade smart contract, which automatically returns the equivalent amount in POL. This user-friendly transition ensures a seamless shift for Polygon users.
The Broader Impact of POL's Launch
The launch of POL on the Ethereum mainnet reflects the dynamic nature of blockchain networks as they evolve to meet user demands and market challenges. It also underscores the increasing interconnectedness of different blockchains in the cryptocurrency landscape.
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Conclusion
The launch of POL on the Ethereum mainnet is a major achievement for Polygon and the broader blockchain industry. It exemplifies Polygon's commitment to an enhanced user experience, scalability, and the facilitation of decentralized applications and ecosystems. As Polygon continues to evolve, the POL token holds the promise of reshaping the cryptocurrency landscape with its innovative features and utility. Moreover, this deployment on Ethereum illustrates Polygon's integration into the wider blockchain ecosystem, paving the way for increased interoperability and collaboration. Watch closely, as Polygon's evolution could have a significant impact on the crypto world.
Official Website & Social Media
Website: https://polygon.technology/
Twitter: https://twitter.com/0xPolygon
Docs: https://polygon.technology/papers/pol-whitepaper
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