Polygon Launches POL Token Contract on the Ethereum Network

Polygon, a leading blockchain scaling and infrastructure development platform, has recently announced the launch of its POL token contract on the Ethereum (ETH) network. This move is seen as a significant step towards potentially replacing its current native token, MATIC, in the future.

POL Token Contract Opens up New Possibilities for Polygon

With the launch of the POL token contract dubbed “Polygon Ecosystem Token,” Polygon aims to further strengthen its position as a reliable, scalable, and interoperable blockchain solution. By building on the Ethereum network, Polygon leverages the existing infrastructure and security of one of the world’s most prominent blockchain platforms. 

Furthermore, the integration allows Polygon to explore alternative avenues for token usage, governance, and utility, thereby potentially replacing MATIC with a more robust and versatile token in the long run.

Furthermore, the token launch will open the doors for other facets of the Polygon 2.0 roadmap to be executed, like the launch of a new staking layer for the Polygon ecosystem, and upgrading Polygon Proof-of-Stake (PoS) to zkEVM, amongst many others.

Polygon POL Token, a Game-Changer for Web3 Ecosystem

Meanwhile, the launch enables Polygon to offer enhanced functionality and decentralized applications (dApps) to its users while benefiting from Ethereum’s established ecosystem. While MATIC has played a crucial role in Polygon’s growth and success, the introduction of the POL token contract opens up new possibilities for the platform.

By laying the foundation for the POL token contract, Polygon showcases its dedication to offering the best possible user experience and value proposition to its community. However, for now, staking on both Polygon PoS and Polygon zkEVM is still performed via MATIC as the POL token is not currently used for any system on the Polygon network. As such, users and app developers do not necessarily need to exchange their MATIC for POL for now.

Polygon Attains Prominence via Strategic Partnerships

Aside from gaming, the platform has also spread its net to other sectors of the industry via strategic partnerships. 

As reported by thecoinrise.com in January, Blockchain analytic startup Arkham Intelligence announced its partnership with Polygon as part of its vision for ‘Total Crypto Intelligence’ across all blockchains. Interestingly, the collaboration afforded users the ability to keep records on its chain by tracking, monitoring, and identifying wallets. 

Similarly, American multinational entertainment company Disney partnered with Polygon while trying to expand and establish its presence in the Non-Fungible Token (NFT) space. Likewise, leading digital assets payment platform Stripe began its crypto payment by utilizing the Polygon blockchain.