New Polygon, new token.
As the multi-chain scaling solution continues to roll out its updated roadmap, Polygon today finally deployed the token contracts for its new POL token on Ethereum.
A token contract is a type of smart contract that has the records and utilities powering a token, like its supply and who holds what balance.
POL will replace the network's current MATIC token; the network will not support two tokens. MATIC holders will have four years to migrate their holdings to the new token.
The POL token was first announced back in July and is expected to play a critical role in the network's wider upgrade.
Originally launched as a proof-of-stake network to help Ethereum scale, Polygon has become a sprawling series of different tech solutions, including application-specific blockchains and zero-knowledge Ethereum Virtual Machine-based (EVMs) networks.
The former refers to networks optimized for a specific use case, like gaming or stablecoins, for instance, and may even have their own native cryptocurrency.
The latter is a broader spectrum scaling solution and joins a host of zk-specific scaling solutions like zkSync Era, Starknet, and Linea.
To help secure all these networks, the POL token will reportedly let users stake their holdings across as many compatible chains as they wish.
This means that as soon as they deposit their holdings, they start earning protocol rewards and transaction fees on each staked chain.
In terms of what's next on the roadmap, Polygon has hinted at moving its PoS chain to a pure-play zkRollup as well as introducing a new interoperability standard for its various chains.
Edited by Stephen Graves