MATIC price rally continues as Polygon’s POL contract goes live on Ethereum mainnet

Polygon ecosystem created the POL token contract on the Ethereum mainnet on Wednesday. The new token is set to replace MATIC in 2024. The Ethereum scaling token continued its price rally as the contract for the new token went live on the mainnet in a broadly bullish crypto market.

Also read: Cryptocurrencies Price Prediction: MATIC, Bitcoin & Cryptos – American Wrap 12 October

Polygon launches POL token contract on Ethereum

Polygon Labs took the POL token contract live on the Ethereum mainnet on October 25, according to a recent announcement. The full name of the new token is Polygon Ecosystem Token. 

According to the blog post, the creation of the POL token “marks a major milestone in Polygon’s journey towards building an ecosystem of zero knowledge-based Layer 2 chains”. 

Developers shared details of the next series of milestones in the Polygon 2.0 roadmap. The list includes a new staking layer, upgrading Polygon proof-of-stake (PoS) to zkRollup and implementing shared liquidity and interoperability for all Layer 2 projects in the ecosystem.

The Ethereum scaling solution’s co-founder, Mihailo Bjelic, tweeted:

While the new token is set to replace MATIC, holders do not need to exchange their token for POL. Currently, MATIC is being used to pay gas fees and staking on the PoS and zero-knowledge Ethereum Virtual Machine (zkEVM).

In the Polygon 2.0 era, when POL replaces MATIC, the new token’s contracts together with the Polygon Protocol Council will determine the future of Polygon-based protocols and Layer 2 projects.

POL’s creation has supported MATIC’s bullish momentum. The Ethereum scaling token yielded 2.92% daily gains. At the time of writing, MATIC trades at $0.6460 on Binance. The altcoin climbed 27.22% over the past week.