Polygon Labs Launches Next-Gen POL Token on Ethereum Mainnet, Resulting in 5% MATIC Price Drop

Polygon Labs Deploys Next-Gen POL Token on Ethereum Mainnet

Polygon Labs has successfully deployed the contract for its groundbreaking POL token on the Ethereum (ETH) mainnet. Positioned as a next-generation hyperproductive token, POL is set to replace MATIC and play a pivotal role in the upcoming Polygon 2.0 upgrade.

“POL will power a vast ecosystem of zero knowledge-based Layer 2 chains via a native re-staking protocol that allows holders to validate multiple chains and perform multiple roles on each of those chains,” said Polygon Labs.

The upgrade does not impact the systems on the Polygon proof of stake (PoS) or Polygon zero-knowledge Ethereum Virtual Machine-based (EVMs) networks, as they will continue to function as originally designed.

POL Upgrade and Polygon 2.0 Roadmap

The POL upgrade sets the stage for several key milestones in the Polygon 2.0 roadmap, including:

• Launching a new staking layer to power Polygon L2s
• Upgrading Polygon PoS to zkRollup
• Implementing an advanced, ZK-powered interoperability and shared liquidity protocol for all L2s

In June, Polygon Labs unveiled plans for its Polygon 2.0 upgrade, aiming to transform the network into the “Value Layer of the Internet.” This upgrade is designed to enhance Polygon’s ecosystem security, scalability, and support through the POL token.

MATIC Price Decline

According to data provided by CryptoSlate, MATIC, the native token of the Layer 2 network, has experienced a 5% decline over the past 24 hours, trading at $0.63223 as of the current press time. This decrease in MATIC’s price aligns with the broader trend in the crypto market, where major digital assets, including Bitcoin and Ethereum, have seen values retract. However, MATIC has not witnessed the same recovery as Bitcoin at this time.

During the week, the industry witnessed a surge in optimism regarding the potential approval of a Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). This development drove BTC and other cryptocurrencies’ prices to new highs.