“The POL token upgrade is now live on Ethereum mainnet. Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future,” said Polygon in a social media post.
POL is set to fuel a broad ecosystem of zero-knowledge-based Layer 2 chains. Its launch marks the beginning of various aspects of the Polygon 2.0 roadmap, including the development of a shared liquidity protocol across all Polygon networks, the establishment of a new staking layer for the Polygon community, and the upgrade of the current Proof of Stake (PoS) network to zkEVM layer 2.
The Polygon team explained that Polygon networks had not started using the POL token. Currently, the Polygon community continues utilizing the MATIC token for staking on Polygon PoS, Polygon zkEVM and covering gas fees on the PoS network. The Polygon team clarified that app developers, validators and users are not required to exchange their MATIC for POL at this time.
Following POL’s launch, MATIC’s price dropped by four percent to $0.62, and its market capitalization decreased to $5.8 billion, according to CoinMarketCap data.
Polygon Labs, the company behind Polygon, introduced POL in June 2023 as part of the Polygon 2.0 plan. Polygon Labs asserted that the shift from MATIC to POL is unrelated to recent regulatory developments, such as the U.S. Securities and Exchange Commission’s classification of MATIC and other tokens as securities in lawsuits against Binance and Coinbase.
Polygon maintains that POL introduces several benefits to the Polygon ecosystem. It enhances security by leveraging a highly decentralized pool of PoS validators who bring security, resilience and impartiality to all Polygon chains while incentivizing them to secure multiple chains.
POL offers infinite scalability, enabling exponential growth and mainstream adoption of the Polygon ecosystem. This scalability ensures the validator pool can expand to support thousands of Polygon chains without compromising security.
POL provides sustainable, in-protocol support for the evolving Polygon ecosystem and the wider industry, which is still in its early phases. It eliminates the friction often associated with blockchain protocols, as users and developers are not required to hold, stake or consume native tokens.
On Wednesday, on-chain data aggregator Santiment revealed a notable decrease in the quantity of ETH available on exchanges, the biggest since 2015.
“#Ethereum has fared well during this market-wide #crypto surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high,” said Santiment in an X post.
Massive ETH withdrawals happened as the token exceeded the $1,850 price point. Ethereum’s price had previously gone up by more than 12 percent since Sunday, possibly because of growing excitement about Bitcoin. According to Santiment data, new big investors had bought $98.06 million worth of Ethereum.
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