POL Contracts Go Live on Ethereum Mainnet as Part of Polygon 2.0
POL token will power every blockchain that runs atop the Polygon network.
Oct 25, 2023 at 11:00 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MBQ5NOR2GBGMLJWULIUTG3DN3E.jpg)
Polygon Network (Aquaryus15/Unsplash)
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Smart contracts of the upcoming POL token went live on the Ethereum mainnet as the Polygon blockchain gears for a shift towards its ‘2.0’ plan, developers shared in a release to CoinDesk on Wednesday.
A group of Polygon founders and researchers previously proposed a token upgrade that would replace the network’s MATIC token with POL in a move that lets POL function as a single token for all Polygon-based networks.
These networks include the main Polygon blockchain, the Polygon zkEVM network, and various supernets – application-specific blockchains that run atop the main Polygon network.
The upgrade to POL from MATIC requires a simple technical action – sending MATIC to the upgrade smart contract, automatically returning the equivalent amount of POL.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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