Coin Edition -
- Polygon Labs announced the POL token upgrade which is now live on ETH mainnet.
- Developer relations engineer Jarrod Watts explained POL and MATIC can’t co-exist.
- Watts said users don’t need to take any action at the moment beyond providing feedback.
On Wednesday, Polygon Labs announced in a post on X that the POL token upgrade is now live on Ethereum mainnet. The Labs stressed that Polygon 2.0 “is a roadmap for scaling Ethereum” in constructing the Value Layer of the Internet. Therefore the new token POL will replace MATIC in an upgrade as they “can not co-exist.”
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
According to Polygon Labs, POL represents an advanced token capable of fueling an extensive network of Zero-Knowledge-based Layer 2 chains. This is achieved through an inherent re-staking protocol, enabling POL holders to validate multiple chains and undertake various roles within those chains. In a follow-up to the original tweet, the firm also shared the contact address for the POL token on Ethereum.
While there were some questions related to the upgrade, Polygon Labs Developer relations engineer Jarrod Watts clarified everyone’s doubts. For instance, to a question about unstaking of MATIC when swapping it for POL, Watts replied that the user’s involvement can primarily consist of offering feedback on the suggested modifications in the PIPs (Polygon Improvement Proposals) and staying vigilant on Github and the forum for any forthcoming node software updates. He adds that this is to ensure compatibility with your specific chain once the PIPs gain approval from the community.
Similarly, Watts noted that acquiring POL will involve a migration process conducted through a smart contract. Using a screenshot, Watts further explained that the upgrade does not affect the current operations of either the Polygon PoS or Polygon zkEVM networks at the moment. Additionally, users can engage in discussions on the forum if they want to participate in the governance process.
Screenshot shared by Polygon Labs engineer, Jarrod Watts
Polygon co-founder Mihailo Bjelic also shared the news on X declaring the launch of POL. Celebrating the “community-driven governance mechanism,” Bjelic noted,
The POL contracts together with the Polygon Protocol Council, announced last week, are interlocking gears in a community-driven governance mechanism that will become increasingly important in determining the future of Polygon protocols in the 2.0 era.
On October 19, Polygon proposed the creation of the Polygon Protocol Council. As a result, MATIC experienced heightened trading activity in 24 hours. Coin Edition reported that crypto traders had purchased and sold 33.8% more MATIC tokens within the preceding 24 hours compared to the day before.
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