- Polygon Labs has activated the POL token contract on Ethereum in preparation for ditching MATIC
- The token contract describes POL as the “Polygon Ecosystem Token,” with its developer disclosing that it’ll have more power than MATIC
- The launch is part of the Polygon team’s efforts to usher in an enhanced version of the network dubbed Polygon 2.0
Polygon Labs continues to make strides in welcoming an enhanced version of the Polygon protocol with the deployment of the POL token contract on Ethereum. Created on October 25, the contract describes the token as the “Polygon Ecosystem Token,” diluting the significance of the current base token MATIC whose position will be replaced by POL. Although Polygon Labs is yet to start the migration to POL, it has previously said that the new token will be more powerful.
Validating Multiple Chains with One Token
According to the Polygon team, POL will be used across the Polygon ecosystem which includes “ZK-based L2 chains.” The team disclosed that POL holders will be able to “validate multiple chains and perform multiple roles on each chain.”
The POL token upgrade is now live on Ethereum mainnet.
Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future.
POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
— Polygon (Labs) (@0xPolygonLabs) October 25, 2023
The team said that the contract has gone through a series of tests after being in development for months. However, the team said that it’s yet to commence swapping MATIC for POL noting that “all existing contracts will [currently] function as previously designed.”
The POL token contract launch is part of the network’s mission to welcome an enhanced Polygon network known as Polygon 2.0 which “enables everyone to equitably access” the value of the internet.
Polygon to Match Web2 Scalability
Although first announced in June, Polygon 2.0 upgrade proposals were released in September with a focus on a new token. According to the platform’s founder Sandeep Nailway, the protocol is committed to improving its scalability to match that of web2.
The launch comes four days after Polygon proposed the establishment of a 13-member council to oversee upgrades to the network.
With the POL token contract going live, it’s evident that Polygon is committed to shifting to a hyperproductive token and an enhanced network.
