In line with Polygon’s updated roadmap, the introduction of the new POL token signifies a pivotal shift in the ecosystem, where POL will replace the MATIC token as the primary coordinating tool.
Polygon, the versatile multi-chain scaling solution, has taken a significant step forward in its updated roadmap by deploying the token contracts for the new POL token on the Ethereum network.
Token contracts, a subset of smart contracts, store vital information and functions that underpin a token, including its total supply and the holders’ balances. In this case, the POL token will play a central role, supplanting the existing MATIC token. Polygon has opted not to support both tokens simultaneously, prompting MATIC holders to migrate their holdings to the new token within a four-year timeframe.
The POL token, first unveiled in July, is poised to be a key component of the network’s comprehensive upgrade. Originally established as a proof-of-stake network to facilitate Ethereum’s scalability, Polygon has evolved into a diverse range of technological solutions, encompassing application-specific blockchains and zero-knowledge Ethereum Virtual Machine-based (EVM) networks.
Application-specific blockchains cater to distinct use cases such as gaming or stablecoins, often featuring their native cryptocurrencies. In contrast, zero-knowledge-based scaling solutions, including zkSync Era, Starknet, and Linea, offer a broader approach to scalability.
The POL token will empower users to stake their holdings across various compatible chains, ensuring the security of these networks. Upon depositing their holdings, users will immediately begin to earn protocol rewards and transaction fees on each staked chain.
Looking ahead on the roadmap, Polygon has hinted at transitioning its proof-of-stake chain to a pure-play zkRollup solution and introducing a novel interoperability standard to enhance the connectivity of its diverse chains.