Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Polygon’s new ZK-based token is live on Ethereum mainnet

Polygon’s new ZK-based token is live on Ethereum mainnet

BlockworksBlockworks2023/10/25 18:51
By:Blockworks

The transition from MATIC to POL is part of the Polygon ecosystem’s 2.0 plans

The new native token of Ethereum scaling solution Polygon has gone live on Ethereum mainnet. 

Polygon first revealed its intention to revamp its native MATIC token in July this year. This new token is designed to support a vast ecosystem of various zero knowledge layer-2 chains through a native re-staking protocol.  

This means that POL holders will be able to use the token to validate various chains across Polygon, including Polygon PoS and Polygon zkEVM. 

Polygon PoS is currently one of the largest blockchain ecosystems today. It has a $758.28 million total valued locked (TVL) and a stablecoin market cap of almost $1.7 billion, according to information available on DeFiLlama. There are 480 dapps currently deployed on the network.  

The transition from Polygon ( MATIC ) to POL is part of Polygon’s 2.0 plans , where the project aims to become the “value layer” of the internet. 

Read more: Polygon’s MATIC is getting a makeover: Founders release white paper for POL

A Polygon representative did not respond to a request for comment by press time. 

Since the announcement of the news on X , Polygon’s existing native token, MATIC, has seen its price dip by 0.84% . POL, on the other hand, has seen its price increase by 2.6% , according to information available on CoinGecko.

At the time of writing, the POL token has seen a 24-hour trading volume of $97,795 and a fully diluted valuation of over $6.4 billion . 

Users will have over four years to transition their tokens from MATIC to POL, and this can be achieved by sending MATIC tokens to a designated POL smart contract that will automatically convert the deposited tokens.

Don’t miss the next big story – join our  free daily newsletter .

Follow Sam Bankman-Fried’s trial with the latest news from the courtroom . 

Tags
  • Ethereum
  • MATIC
  • Polygon
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

How OpenAI cemented its place on a rocky road in 2024

Share link:In this post: OpenAI had a challenging journey in marking itself as a prominent force in Artificial Intelligence. However, major milestones and other setbacks occurred for the company in 2024. This happened because CEO Sam Altman returned to help save the company.

Cryptopolitan2024/12/25 01:11

Majority of businesses are still at early stages of AI maturity: MIT study

Share link:In this post: Authors of the study categorized stages of AI advancement into four, with the majority of firms still in the initial stages. The study analyzed 721 companies at different stages of AI advancement. Companies become AI future-ready in the final stage.

Cryptopolitan2024/12/25 01:11

DeFi security sees a 40% drop in losses as CeFi faces a $694M surge in breaches

Share link:In this post: DeFi crypto hacks account for about 20.4% of all crypto hacks in 2024, while CeFi’s adds up to 30%. CeFi losses have increased to $694 million in 2024. Access control exploits accounts for the loss of over $1.7 billion.

Cryptopolitan2024/12/25 01:11

5 crypto predictions for 2025

These 5 crypto prophecies put Nostradamus to shame

Blockworks2024/12/25 01:00