Polygon says the POL token upgrade has gone live on the Ethereum mainnet.
Polygon Labs, the company behind the development of the Polygon blockchain, said the POL token upgrade is now live on the Ethereum mainnet. According to a press release today, Polygon made a move after several months of development, a successful testnet launch, and community consultation.
Notably, the POL token upgrade on the Ethereum mainnet is part of the Polygon 2.0 roadmap. It bears mentioning that POL will replace MATIC as Polygon’s native token.
As a result, the token will power multiple Polygon-based blockchains through a native re-staking protocol, thus allowing holders to validate various chains.
In addition, POL holders can also perform a variety of roles on each ZK-based L2 chain, including participating in data availability committees, sequencing, and ZK proof generation.
In a statement, Polygon Labs disclosed:
“The POL upgrade paves the way for the next series of milestones in the Polygon 2.0 roadmap. That list includes launching a new staking layer to power Polygon L2s, upgrading Polygon PoS to zkRollup, and implementing an advanced, ZK-powered interoperability and shared liquidity protocol for all these L2s.”
Proposal to Upgrade MATIC to POL
Recall that in July, a group of Polygon researchers and founders proposed a token upgrade that would see POL replace MATIC as the ecosystem’s native token.
Interestingly, the researchers proposed that POL functions as a single token for all Polygon-based blockchains, including the main blockchain, Polygon’s zkEVM, as well as various supernets.
According to the whitepaper, users will be required to perform a simple technical action to upgrade their MATIC tokens to POL. The upgrade requires users to send MATIC to the upgraded contract. In return, users will automatically receive an equivalent amount of POL.
Furthermore, users will be given ample time for the upgrade, which could take up to four years or more.
Polygon Highlights Proposal for POL Upgrade
As part of the Polygon 2.0 roadmap, the team released three Polygon Improvement Proposals (PIPs) in September.
The first proposal, dubbed PIP-17, detailed how Polygon will replace MATIC with POL. PIP-18, the second proposal, focused on Phase 0 of the upgrade.
The proposal requires both developers and end-users to do nothing, as the upgrade will be implemented automatically. The third proposal, PIP-19, highlights the compatibility in the switch to POL from MATIC.
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