The development team behind layer-2 scaling solution Polygon (MATIC) says they will be officially renaming the ecosystem’s native asset to POL after the network goes through a major upgrade later this year. In a new blog post, Polygon Labs says that starting on September 4th, MATIC will be replaced by POL as the blockchain’s native […]
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We’re thrilled to announce that Polygon Ecosystem Token (POL) is now available on Kraken for residents of Canada! Funding and trading POL funding and trading are live. Add POL to your Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. Only deposit POL on Polygon. Deposits using other networks will be lost. […]
The post Trading for Polygon Ecosystem Token (POL) starts now in Canada appeared first on Kraken Blog.
We’re thrilled to announce that Polygon Ecosystem Token (POL) is now available on Kraken! Funding and trading POL funding and trading are live. Add POL to your Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. Only deposit POL on Polygon. Deposits using other networks will be lost. Got POL and a […]
The post Trading for Polygon Ecosystem Token (POL) starts now appeared first on Kraken Blog.
The team migrated the POL token contract to the Ethereum network, paving the way for it to replace MATIC in the future.
Polygon Labs has launched the Ethereum contract for the new Polygon token, POL, according to an October 25 announcement. The new token is intended to replace the ecosystem’s current token, MATIC. However, the team said users presently don't need to exchange their MATIC for POL.
The POL token upgrade is now live on Ethereum mainnet.
— Polygon (Labs) (@0xPolygonLabs) October 25, 2023
Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future.
POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
According to blockchain data, the new token was created on October 25 at 09:06 a.m. UTC. Its full name is the “Polygon Ecosystem Token.” In the announcement, the Polygon team claimed that POL would “power a vast ecosystem of zero knowledge-based Layer 2 chains” by implementing a 're-staking protocol' that allows token holders to stake it on multiple chains, performing multiple functions in the process.
The token’s launch will now pave the way for other aspects of the Polygon 2.0 roadmap to be implemented, including the launch of a new staking layer for the Polygon ecosystem, upgrading the current Proof of Stake (PoS) network to zkEVM layer-2, and creating a shared liquidity protocol for all Polygon networks, the post stated.
Related: ZK-focused Manta Pacific opts out of OP Stack for Polygon CDK
The team emphasized that POL is not currently being used for any systems in the Polygon network. Staking on both Polygon PoS and Polygon zkEVM is still being performed via the old token, MATIC, and gas fees on the PoS network are still being paid for with MATIC. So, users, validators, and app developers do not need to exchange their MATIC for POL at present.
Polygon Labs first announced it was developing a new layer-2 ecosystem on June 29. It called the new ecosystem “Polygon 2.0.” On September 14, the team announced that Polygon 2.0 would use a new token, POL. But at the time, the token was just a proposal and had not been deployed to Ethereum.
Polygon’s proposed layer-2 ecosystem will use zero-knowledge proofs to validate transactions between networks. It will face competition from the Optimism ecosystem proposed by Optimism Labs, which will use optimistic rollup technology to secure messages between networks.
Google Cloud is now an official validator for the layer-2 blockchain Polygon (MATIC) proof-of-stake (POS) network. Polygon Labs says that Google Cloud now joins more than 100 other validators in securing the Ethereum (ETH) scaling solution’s network. The project notes that “high-quality, trusted, security-minded validators like Google Cloud provide an added layer of security” for […]
The post Google Cloud Now a Polygon (MATIC) Network Validator Nearly a Year After Unveiling Same Service for Solana (SOL) appeared first on The Daily Hodl.
Polygon Labs founder Sandeep Nailwal says Polygon’s (MATIC) upcoming upgrade will transform its native asset into a “third-generation token.” The Polygon community is currently mulling a technical proposal that would upgrade the project’s native MATIC token and rename it to POL. The proposal is part of the network’s transition to Polygon 2.0, which aims to […]
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