“Polygon’s game-changing move to launch the POL token contract on Ethereum signals an ambitious vision to revolutionize the blockchain ecosystem, potentially paving the way for MATIC’s gradual replacement.”
Polygon Labs has recently launched the Ethereum contract for its new token, POL, which is intended to replace the current token, MATIC, in the ecosystem. However, users are not required to exchange their MATIC for POL at the moment. The team stated that POL is a next-generation token that can power a vast ecosystem of zero knowledge-based Layer 2 chains. The token’s launch will enable the implementation of other aspects of the Polygon 2.0 roadmap, including a new staking layer, upgrading the Proof of Stake network to zkEVM layer-2, and creating a shared liquidity protocol for all Polygon networks.
It is important to note that POL is not currently being used for any systems in the Polygon network. Staking and gas fees are still being performed using MATIC. Users, validators, and app developers are not required to exchange their MATIC for POL at this time.
Polygon Labs first announced the development of the Polygon 2.0 layer-2 ecosystem on June 29. The team proposed the use of a new token, POL, on September 14. However, the token was still in the proposal stage and had not been deployed to Ethereum.
Polygon’s layer-2 ecosystem will utilize zero-knowledge proofs to validate transactions between networks. It will face competition from the Optimism ecosystem, which uses optimistic rollup technology to secure messages between networks.
Overall, the launch of the POL token marks an important milestone in the implementation of the Polygon 2.0 roadmap and paves the way for further advancements in the Polygon ecosystem.