According to Decrypt, Polygon has deployed the token contracts for its new POL token on Ethereum. A token contract is a type of smart contract that contains records and utilities powering a token, such as its supply and holders' balances. The POL token will replace the network's current MATIC token, and the network will not support two tokens. MATIC holders will have four years to migrate their holdings to the new token.

The POL token was first announced in July and is expected to play a critical role in the network's wider upgrade. Initially launched as a proof-of-stake network to help Ethereum scale, Polygon has evolved into a series of different tech solutions, including application-specific blockchains and zero-knowledge Ethereum Virtual Machine-based (EVMs) networks. The former refers to networks optimized for specific use cases, like gaming or stablecoins, and may even have their own native cryptocurrency. The latter is a broader spectrum scaling solution and joins a host of zk-specific scaling solutions like zkSync Era, Starknet, and Linea.

To help secure all these networks, the POL token will reportedly allow users to stake their holdings across as many compatible chains as they wish. This means that as soon as they deposit their holdings, they start earning protocol rewards and transaction fees on each staked chain. In terms of what's next on the roadmap, Polygon has hinted at moving its PoS chain to a pure-play zkRollup and introducing a new interoperability standard for its various chains.