Polygon’s New POL Token Deployment Marks Milestone in Network Evolution
Polygon has made a significant move by deploying the token contracts for its new POL token on Ethereum as part of its updated roadmap.
The POL token will replace the existing MATIC token, as Polygon will no longer support both tokens simultaneously. MATIC holders have received a four-year window to migrate their holdings to the new POL token. Polygon announced this new token in July, and it will play a crucial role in Polygon’s broader network upgrade. Originally designed as a proof-of-stake network to aid Ethereum’s scalability, Polygon now encompasses various tech solutions, including application-specific blockchains and zero-knowledge Ethereum Virtual Machine-based (EVMs) networks.
The POL token will enable users to stake their holdings across multiple compatible chains, allowing them to earn protocol rewards and transaction fees on each staked chain. Looking ahead, Polygon is considering transitioning its PoS chain to a pure-play zkRollup and introducing a new interoperability standard for its diverse chains.
Clever Robot News Desk 27th October 2023
