New Polygon, new token.
As the multi-chain scaling solution continues to roll out its updated roadmap, Polygon today finally deployed the token contracts for its new POL token on Ethereum.
A token contract is a type of smart contractsmart contract that has the records and utilities powering a token, like its supply and who holds what balance.
Polygon Outlines Launch of New POL Token in Latest Network Upgrade
With a newly redesigned system's architecture, the team behind Polygon is now looking to launch an upgraded token to christen the upgrade. Called POL, Polygon has dubbed the token a "3rd generation token" after Bitcoin and Ethereum. In terms of function, the new Polygon token will let POL holders also become validators within the network, allowing them to validate any number of chains and networks that Polygon is seemingly spawning every day. Importantly, this token is an upgrade from the MATIC...
POL will replace the network's current MATIC token; the network will not support two tokens. MATIC holders will have four years to migrate their holdings to the new token.
The POL token was first announced back in July and is expected to play a critical role in the network's wider upgrade.
Originally launched as a proof-of-stakeproof-of-stake network to help Ethereum scale, Polygon has become a sprawling series of different tech solutions, including application-specific blockchains and zero-knowledge Ethereum Virtual Machine-based (EVMs) networks.
The former refers to networks optimized for a specific use case, like gaming or stablecoins, for instance, and may even have their own native cryptocurrency.
The latter is a broader spectrum scaling solution and joins a host of zk-specific scaling solutions like zkSync Era, Starknet, and Linea.
Polygon Launches Final Mainnet for zkEVM Solution to Scale Ethereum
Another day, another zkEVM launch. Polygon today announced the final mainnet for its zkEVM product after the product’s testnet launch last October. “zkEVM can be recognized as the ‘holy grail’ of blockchain scaling,” Polygon’s co-founder Mihailo Bjelic told Decrypt. “It offers simultaneously three very important features. First is scalability. The second one is security. And the third one is EVM equivalency, or EVM compatibility. All three are equally important.” The launch comes just days after...
To help secure all these networks, the POL token will reportedly let users stake their holdings across as many compatible chains as they wish.
This means that as soon as they deposit their holdings, they start earning protocol rewards and transaction fees on each staked chain.
In terms of what's next on the roadmap, Polygon has hinted at moving its PoS chain to a pure-play zkRollup as well as introducing a new interoperability standard for its various chains.
Edited by Stephen Graves
