crypto-news-flash.com
- Polygon’s AggLayer has successfully integrated Movement Labs’ MoveVM-based Layer 2 solutions.
- Polygon is set to undergo a major network upgrade on September 4th, which will include rebranding its native token from MATIC to POL.
Polygon AggLayer has announced its successful integration with Movement Labs. This firm is renowned for its focus on advancing the Move smart contract language. This partnership is of great significance to both parties as it allows MoveVM-based Layer 2 (L2) solutions to join Polygon’s AggLayer.
This integration aims at combining liquidity in addition to all user communities across multiple blockchains. Furthermore, this union seeks to bridge the Move and Ethereum ecosystems seamlessly.
It is worth noting that this collaboration has cemented Movement Lbas as a relentless champion in interoperability. Notably, Movement Labs is marking the very first moment a Move-based network has leveraged AggLayer’s capabilities.
Amplifying the enthusiasm, boasting $160 million in Total Value Locked, this integration coincides with Movement Labs’ launch of public testnet ahead of its mainnet release. This significant milestone will be a pivotal moment for Movement Labs as it will guarantee seamless integration with the liquidity and users of any AggChain, fostering a more interconnected blockchain landscape.
Movement Labs’ Move Stack provides a comprehensive toolkit for building high-performance blockchain applications using the Move programming language. Following their expertise, by integrating with AggLayer, these MoveVM chains gain access to a vast user base and liquidity, accelerating growth.
Additionally, the platform’s compatibility allows developers to utilize existing code while benefiting from Move’s security and efficiency. Not forfeiting, the recent launch of their Rollup-as-a-Service testnet demonstrates strong industry interest in their solution. Partnering with Polygon’s AggLayer marks a significant step towards a fully interconnected blockchain ecosystem, enabling developers to scale their applications to unprecedented heights.
Polygon to Rename MATIC Token to POL
Amidst these developments, Polygon is set to rebrand its native token from MATIC to POL. This renaming will coincide with a major upgrade that will take place specifically on the 4th of September.
According to Polygon Labs, POL will initially serve as the gas and staking token for the Polygon proof-of-stake (PoS) network. As the Polygon dev team envisions more use for POL, there is a possibility POL will be a keystone for the Polygon ecosystem’s AggLayer.
While the transition will be automatic for MATIC holders on the Polygon network, those holding the token on Ethereum, Polygon’s Ethereum Virtual Machine, or centralized exchanges may need to undergo a migration process. Outlining POL’s short-term and long-term use, Polygon developers stated:
In the long term, the current community consensus proposes that POL will support broader roles in the Polygon staking hub (to be released in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs)…
Following [the proposal], consensus was reached that Polygon PoS validators must stake POL to earn protocol rewards and transaction fees in POL. That means every single transaction that takes place on Polygon PoS, starting 9/4, will use POL as the native gas token. That’s the short-term utility.
At the time of writing, MATIC is swapping hands with $0.513 marking a 0.81% decline in the last 24 hours.