Ethereum

Polygon

Read

The Polygon team says the new token has nothing to do with the recent events in the regulatory environment related to the MATIC legal status. 
Polygon (<a href="https://crypto.news/price/polygon/" data-type="link" data-id="https://crypto.news/price/polygon/">MATIC</a>) has announced the launch of a smart contract on the <a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">Ethereum</a> mainnet for its new token POL as part of the project’s roadmap 2.0. 
In a <a href="https://polygon.technology/blog/polygon-2-0-milestone-pol-contracts-are-live-on-ethereum-mainnet" target="_blank" rel="noreferrer noopener">blog post</a> on Oct. 25, Polygon said the overall process will take some time. The team must still launch a new staking layer to power Polygon layer-2 chains and implement zero-knowledge-proof interoperability protocols. 
The Polygon team noted no actions are needed from MATIC holders or node operators, as all existing contracts function as previously designed. 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="1400" height="663" src="https://crypto.news/app/uploads/2023/10/noushdnufhsdf.png" alt="MATIC slides 4% as Polygon deploys new token contract on Ethereum - 7" class="wp-image-14208258">
 <figcaption class="wp-element-caption">
 Polygon (MATIC) price | Source: CoinMarketCap
 </figcaption>
</figure> 
Amid the news, MATIC price plunged 4% down to $0.62, while its market capitalization decreased to $5.8 billion, according to <a href="https://coinmarketcap.com/currencies/polygon/" target="_blank" rel="noreferrer noopener">data</a> from CoinMarketCap. 
 You might also like: <a href="https://crypto.news/polygon-2-0-to-establish-multiple-layer-2s-initiate-governance-change/"> Polygon 2.0 to establish multiple layer-2s, initiate governance change </a> 
Polygon Labs, the firm behind the Polygon sidechain, <a href="https://crypto.news/polygon-labs-planning-polygon-2-0-launch/" target="_blank" rel="noreferrer noopener">first introduced</a> the changes in June 2023. As part of the Polygon 2.0 roadmap, the project plans to upgrade its native gas token system by implementing specific changes to the native intelligent Bridge MATIC contract. The plan also includes a revamped decentralized governance structure with a dedicated ecosystem council to oversee smart contract upgrades. 
Polygon Labs <a href="https://polygon.technology/blog/polygon-2-0-tokenomics" target="_blank" rel="noreferrer noopener">claims</a> the transition from MATIC to POL has nothing to do with the recent events in the regulatory environment after the U.S. Securities and Exchange Commission labeled MATIC and other tokens as securities in its <a href="https://crypto.news/solana-polygon-challenge-us-secs-classification-of-sol-and-matic-as-securities/" target="_blank" rel="noreferrer noopener">lawsuits</a> against Binance and Coinbase. 
 Read more: <a href="https://crypto.news/polygon-proposes-apechain-and-3-35m-dev-fund/"> Polygon proposes ApeChain and $3.35m dev fund </a>

MATIC slides 4% as Polygon deploys new token contract on Ethereum

crypto.news

Other articles published on Oct 25, 2023

Virtual Reality Vs. Metaverse: Understanding The Distinctions

Patricia Technologies initiates plans to pay customers and confirms DLM Trust as strategic partner

According to recent investigation, Bitcoin pioneer Hal Finney cannot be Satoshi Nakamoto.

John Deaton Reveals Ripple’s Remarkable Growth Amid XRP Lawsuit

Handshake (HNS) Price Prediction 2024, 2025, 2030, 2040, and 2050

Meta Platforms Set to Report Third Quarter Earnings Amidst Industry Challenges

Join our free newsletter for daily crypto updates!