MATIC falls 5% as Polygon Labs activates next-gen POL token on Ethereum mainnet

Stop scaring users with your bad KYC flows

Polygon Labs has deployed the contract for its new POL token on the Ethereum (ETH) mainnet.

POL is positioned as a next-generation hyperproductive token that may change MATIC and is designed to play a major position within the forthcoming Polygon 2.0 improve.

“POL will power a vast ecosystem of zero knowledge-based Layer 2 chains via a native re-staking protocol that allows holders to validate multiple chains and perform multiple roles on each of those chains,” said Polygon Labs.

The improve doesn’t change the techniques on the Polygon proof of stake (PoS) or Polygon zero-knowledge Ethereum Digital Machine-based (EVMs) networks, as they are going to proceed to work as beforehand designed.

The crew additional defined that the POL improve units the stage for the next milestones in its Polygon 2.0 roadmap, which embrace:

“[The launch of] a new staking layer to power Polygon L2s, upgrading Polygon PoS to zkRollup, and implementing an advanced, ZK-powered interoperability and shared liquidity protocol for all these L2s.

In June, Polygon Labs revealed plans for its Polygon 2.0 upgrade, which would see the network become the “Value Layer of the Internet.” In response to the crew, this improve will enhance Polygon’s ecosystem safety, scalability, and help via its POL token.

MATIC falls

Knowledge offered by CryptoSlate reveals that the native token of the Layer 2 community, MATIC, has skilled a decline of roughly 5% over the previous 24 hours to $0.63223 as of press time.

This lower in MATIC’s value aligned with the broader efficiency of the crypto market, which has seen values recede for the foremost digital property, together with Bitcoin and Ethereum. Nonetheless, MATIC will not be experiencing the identical restoration seen by Bitcoin as of press time.

Over the week, the trade noticed a surge in optimism about the potential of approving an exchange-traded fund (ETF) by the U.S. Securities and Trade Fee (SEC), driving BTC and different cryptocurrencies costs to new highs.

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