Polygon Labs announced that it has successfully implemented contracts for the upcoming cryptocurrency POL on the Ethereum mainnet.
According to the developers, this new cryptocurrency evolved from MATIC and was designed to be compatible with the architecture of the upcoming Polygon 2.0 upgrade.
The transition process is currently ongoing and 10 million MATIC has already been migrated. Interestingly, the demigration function is still on, allowing users to migrate POL back to MATIC at their discretion.
Once PIP-19 is activated in early 2024, all MATIC on Polygon PoS will become POL. The final phase of the transition will occur with the transition of staking to POL in mid-2024.
According to the official statement, the POL update also sets the stage for the next milestone in the Polygon 2.0 roadmap. These include launching a new staking layer to power Polygon layer-2s, updating Polygon PoS to zkRollup, and implementing an advanced ZK-powered interoperability and shared liquidity protocol for all these layer-2s.
No action is required for existing Polygon PoS, Polygon zkEVM users or MATIC owners. This update does not currently replace active systems on Polygon PoS or Polygon zkEVM networks. All existing contracts will continue to operate as previously designed.
*This is not investment advice.