Polygon, the multi-chain scaling solution, has taken a significant step forward in its roadmap by deploying the token contracts for its latest addition, the POL token, on the Ethereum blockchain.
Token contracts serve as the backbone of a cryptocurrency, housing crucial information such as its supply and ownership distribution.
In a pivotal move, POL is set to replace the existing MATIC token, making it the sole digital asset supported by the Polygon network. MATIC token holders will have a four-year window to transition their holdings to the new POL token.
The POL token initially revealed in July, is poised to play a pivotal role in Polygon’s broader network upgrade.
Originally established as a proof-of-stake network to aid Ethereum’s scalability, Polygon has evolved into a diverse ecosystem encompassing specialized blockchains tailored for specific use cases, including gaming and stablecoins, each often having their native cryptocurrencies. Additionally, it has incorporated zero-knowledge Ethereum Virtual Machine-based (EVM) networks, further expanding its versatility.
Among these scaling solutions, the POL token will empower users to stake their holdings across multiple compatible chains of their choosing. This innovative feature means that users will start earning protocol rewards and transaction fees as soon as they deposit their assets on each staked chain.
Related: Polygon Proposes 13-member Protocol Council to Supervise Smart Contract Upgrades
Looking ahead, Polygon has hinted at transitioning its Proof-of-Stake (PoS) chain to a pure-play zkRollup, along with introducing a new interoperability standard for its diverse range of chains.
Stay tuned for further updates on Polygon’s continued advancements in the realm of blockchain technology.