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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.

By Shaurya Malwa|Edited by Parikshit Mishra

Updated Oct 25, 2023, 11:00 a.m. Published Oct 25, 2023, 11:00 a.m.

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.

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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.

MATIC Polygon

Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.