Polygon Labs marks a significant milestone with the live activation of the POL token upgrade on the Ethereum mainnet. This development, resulting from extensive groundwork and constructive community interactions, sets a robust foundation for the forthcoming Polygon 2.0 upgrade.
Unveiling the POL Upgrade: A Significant Milestone
The journey to this crucial upgrade began several months back. It encompasses rigorous development phases, community discussions, and a triumphant testnet launch. The meticulous preparation ensured a smooth transition of POL onto the mainnet. This move symbolizes a progressive step towards achieving the ambitious goals in the Polygon 2.0 roadmap.
However, it’s pivotal to note that this deployment doesn’t automatically phase out the existing MATIC token. Such a progression hinges on thorough governance approval. Furthermore, it will coincide with initiating the Polygon 2.0 upgrade, maintaining a synchronized evolution.
POL emerges as a hyper-productive token, earmarked to energize a broad ecosystem of zero knowledge-based Layer 2 chains. Its unique re-staking protocol empowers POL holders to validate multiple chains and assume various roles. That applies to sequencing, Zero-Knowledge proof generation, or participating in data availability committees. This multi-faceted functionality ushers in a new era of blockchain capability, extending beyond conventional boundaries.
One of the core features of this upgrade is the introduction of a staking layer aimed at bolstering Polygon L2s. This enhancement will refine Polygon’s Proof of Stake (PoS) to zkRollup. It fosters ZK-powered interoperability and a shared liquidity protocol across all L2 chains. These advancements are essential in creating a fortified staking layer that supports the larger Polygon ecosystem.
Unaltered Functionality on Existing Networks
Polygon Labs reassures that the POL upgrade will not affect the active systems on either Polygon PoS or Polygon zkEVM networks. All existing contracts will retain their functionality as initially designed, ensuring a stable transition during this upgrade phase.
Come June 2023, Polygon Labs unveiled the innovative Polygon 2.0. This vision encompasses a scaling ecosystem with four distinct protocol layers—staking, interop, execution, and proving. These layers are engineered to foster an interconnected chain ecosystem. Plus, they enable rapid value transfer and seamless information exchange through zero-knowledge technology.
Subsequently, the venture introduced three Polygon Improvement Proposals (PIPs). Each sheds light on crucial aspects of its visionary roadmap. Despite the significant strides, the latest developments have not impacted the MATIC token, maintaining a stable blockchain environment.
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