Polygon Deploys Smart Contract for New POL Token on Ethereum

Polygon is having closer to changing the latest MATIC token with a new coin, POL, though implementing the POL clever contract on the Ethereum mainnet.

Polygon Deploys Smart Contract for New POL Token on Ethereum. Photo: polygon

On the afternoon of October 25, Polygon Labs explained it had deployed the new POL token clever contract on the Ethereum mainnet, marking a new advancement stage in the Polygon two. vision.

The POL token update is now reside on the Ethereum mainnet.

Polygon two., launched this summertime, is a roadmap for scaling Ethereum to develop the Internet’s Value Layer. POL unlocks that long term.

POL is a following-generation token capable of powering a huge ecosystem of ZK-based mostly L2 chains.… pic.twitter.com/gmrsu0ZqLz

— Polygon (Labs) (@0xPolygonLabs) October 25, 2023

As reported by Coinlive, Polygon two. is the following phase of Polgyon’s advancement, which include a lot of big updates to this blockchain venture. Notable improvements consist of the substitute of the MATIC token with POL, the announcement of the “3-pillar” governance model, the implementation of the re-staking mechanism, the improve of the Polygon PoS chain to layer-two zkEVM,. ..

The venture is steadily implementing the over advancement roadmap as it deployed the POL clever contract on Ethereum’s Goerli testnet in early October.

Additionally, the Polygon local community is discussing improvements to POL in contrast to MATIC, which include:

PIP-18: Proposal to allow the conversion of MATIC to POL, creating POL a premium token and staking in the Polygon ecosystem, which include the primary blockchain and other layer two networks
PIP-19: introduce POL as native token on Polygon PoS alternatively of MATIC
PIP-244: POL coin burning mechanism from transaction costs, related to Ethereum’s EIP-1559
PIP-25: Mechanism to alter the complete provide of POL.

Polygon Labs says:

“POL will be a following-generation multifunctional token, which will come to be the lifeline for a layer two ecosystem working with zero-awareness evidence technologies as a result of a re-staking mechanism, enabling POL holders to participate, authenticate transactions on many blockchains and carry out diverse functions on just about every of these chains.

However, the system of implementing POL and exchanging MATIC with POL will not consider spot quickly. The venture nonetheless wants to wait for the completion of other components of the Polygon two. update this kind of as converting Polygon PoS to layer-two zkEVM, applying a zk-compatible information transfer mechanism for all layer-two transmissions also designed on Polygon. guaranteeing the sharing of liquidity among these platforms.

The rate of MATIC did not fluctuate substantially just before the over announcement, on the other hand in the final couple of days MATIC has recovered more than thirty% of its worth following the basic development of the cryptocurrency industry.

four-hour chart of MATIC/USDT pair on Binance as of six:45 PM on October 25, 2023