In a significant development, Polygon Labs has announced the successful launch of the POL token upgrade on the Ethereum mainnet. This move, more than just a transition from the MATIC token, is a strategic effort to cultivate a more advanced and efficient ecosystem. The POL token is now set to be the driving force behind the main Polygon blockchain, the Polygon zkEVM network, and a range of supernets.
On October 25, Polygon Labs shared this exciting development through a press release, highlighting the live status of the POL token on the Ethereum mainnet. This transition is not just a change in token nomenclature; it is a strategic move towards creating a more productive and advanced ecosystem. The POL token is set to be at the core of all Polygon networks, driving innovation and efficiency across the board.
The upgrade to the POL token is also a preparatory step for upcoming milestones in the Polygon 2.0 roadmap. These milestones include the introduction of a new staking layer to support Polygon L2, an upgrade of Polygon PoS to zkRollup, and the implementation of a cutting-edge, ZK-powered interoperability and shared liquidity protocol. These advancements are aimed at scaling Ethereum to unprecedented levels, comparable to the size of the internet.
Back in September, Polygon initiated the migration from MATIC to POL token. This was outlined in three Polygon Improvement Proposals (PIPs), with PIP-18 detailing Phase 0 plans for building a network of interconnected zero knowledge-powered L2 chains. This migration is not just a technical upgrade; it represents a significant shift in how Polygon’s networks will operate, with the POL token at the center of it all.
The market has responded positively to these developments, with MATIC’s price experiencing a 21% surge over the week, despite a 4% dip in the past 24 hours, trading at $0.6362. This price movement reflects the excitement and optimism surrounding Polygon’s future, as the ecosystem transitions to the POL token and continues on its path of innovation and growth.
