Polygon Labs announced on October 25 that they have launched the Ethereum contract for a new token called POL, which is intended to replace the current token, MATIC, in the Polygon ecosystem. However, the team clarified that users do not need to exchange their MATIC for POL at present.
The POL token upgrade is now live on Ethereum mainnet.
Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future.
POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
— Polygon (Labs) (@0xPolygonLabs) October 25, 2023
Based on blockchain data, the Polygon team announced the creation of a new token named “Polygon Ecosystem Token” on October 25 at 09:06 a.m. UTC. The team claims that this token, abbreviated as POL, will serve as the power source for a vast ecosystem of zero-knowledge based Layer 2 chains by implementing a ‘re-staking protocol’. This unique feature allows token holders to stake it on multiple chains, performing multiple functions simultaneously. With the token now launched, other aspects of the Polygon 2.0 roadmap will soon be implemented, including the launch of a new staking layer, upgrading the current Proof of Stake (PoS) network to zkEVM layer-2, and creating a shared liquidity protocol for all Polygon networks.
It’s important to note that the new Polygon token, POL, is not currently in use for any systems on the Polygon network. Staking on both Polygon PoS and Polygon zkEVM is still being performed using the old token, MATIC. Additionally, gas fees on the PoS network are also being paid for with MATIC. Therefore, users, validators, and app developers do not need to exchange their MATIC for POL at this time.
On June 29, Polygon Labs announced the development of a new layer-2 ecosystem called “Polygon 2.0.” On September 14, the team announced that Polygon 2.0 would utilize a new token, POL. However, the token was only a proposal at that time and had not yet been deployed to Ethereum.
Polygon’s proposed layer-2 ecosystem will use zero-knowledge proofs to validate transactions between networks. It will compete with the Optimism ecosystem proposed by Optimism Labs, which will use optimistic rollup technology to secure messages between networks.