Polygon Labs has deployed the contract for its new POL token on the Ethereum (ETH) mainnet.
POL is positioned as a next-generation hyperproductive token that can substitute MATIC and is designed to play a big position within the forthcoming Polygon 2.0 improve.
“POL will energy an unlimited ecosystem of zero knowledge-based Layer 2 chains by way of a local re-staking protocol that enables holders to validate a number of chains and carry out a number of roles on every of these chains,” stated Polygon Labs.
The improve doesn’t change the methods on the Polygon proof of stake (PoS) or Polygon zero-knowledge Ethereum Digital Machine-based (EVMs) networks, as they may proceed to work as beforehand designed.
The group additional defined that the POL improve units the stage for the next milestones in its Polygon 2.0 roadmap, which embrace:
“[The launch of] a brand new staking layer to energy Polygon L2s, upgrading Polygon PoS to zkRollup, and implementing a complicated, ZK-powered interoperability and shared liquidity protocol for all these L2s.
In June, Polygon Labs revealed plans for its Polygon 2.0 improve, which might see the community change into the “Worth Layer of the Web.” In response to the group, this improve will enhance Polygon’s ecosystem safety, scalability, and assist by means of its POL token.
MATIC falls
Information supplied by CryptoSlate reveals that the native token of the Layer 2 community, MATIC, has skilled a decline of roughly 5% over the previous 24 hours to $0.63223 as of press time.
This lower in MATIC’s value aligned with the broader efficiency of the crypto market, which has seen values recede for the key digital belongings, together with Bitcoin and Ethereum. Nevertheless, MATIC will not be experiencing the identical restoration seen by Bitcoin as of press time.
Over the week, the trade noticed a surge in optimism about the potential for approving an exchange-traded fund (ETF) by the U.S. Securities and Trade Fee (SEC), driving BTC and different cryptocurrencies costs to new highs.
