Polygon Labs has announced the launch of the Ethereum contract for its new token called POL, which is intended to replace the current token MATIC. However, users are not required to exchange their MATIC for POL at the moment. The new token, POL, is a next-generation token that aims to power a vast ecosystem of zero knowledge-based Layer 2 chains. It implements a re-staking protocol that allows tokenholders to stake it on multiple chains, enabling them to perform multiple functions simultaneously.
According to blockchain data, the POL token was created on October 25, 2023, at 9:06 am UTC. Its full name is the “Polygon Ecosystem Token.” With the launch of the POL token, other aspects of the Polygon 2.0 roadmap can now be implemented. These include the launch of a new staking layer for the Polygon ecosystem, upgrading the current proof-of-stake (PoS) 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 within the Polygon network. Staking on both Polygon PoS and Polygon zkEVM is still performed using the old token, MATIC. 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 present.
Polygon Labs first announced the development of a new layer-2 ecosystem, which they named Polygon 2.0, on June 29. On September 14, they announced that Polygon 2.0 would utilize a new token, POL. However, at that time, the token was still in the proposal stage and had not been deployed to Ethereum.
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The proposed Polygon 2.0 ecosystem will utilize zero-knowledge proofs to validate transactions between networks. It will face competition from the Optimism ecosystem, proposed by Optimism Labs, which will use optimistic rollup technology to secure messages between networks.
The launch of the POL token marks an important milestone in the implementation of Polygon 2.0 and paves the way for the realization of the roadmap’s goals. By utilizing POL, the Polygon ecosystem aims to scale Ethereum and build the Value Layer of the Internet.
With the introduction of the re-staking protocol, tokenholders have the ability to stake POL on multiple chains, providing them with increased flexibility and efficiency in performing various functions within the ecosystem. This feature enhances the usability and utility of the token, making it a valuable asset for participants in the Polygon ecosystem.
Furthermore, the creation of a shared liquidity protocol for all Polygon networks promotes interoperability and liquidity across the entire ecosystem. This will benefit users, developers, and validators by facilitating seamless and efficient transactions between different chains within the Polygon network.
The launch of POL also signifies a step towards the vision of Polygon Labs to create a next-generation ecosystem that is capable of providing scalable solutions for decentralized applications. By leveraging zero-knowledge proofs and layer-2 technology, Polygon aims to overcome the limitations of the Ethereum network and enable fast, secure, and cost-effective transactions.
In conclusion, Polygon Labs has successfully launched the Ethereum contract for its new token, POL, which is designed to replace the existing MATIC token. POL is a next-generation token that will power a vast ecosystem of zero knowledge-based Layer 2 chains. Its launch marks an important milestone in the implementation of Polygon 2.0 and brings the ecosystem closer to achieving its goals of scalability and interoperability. With the re-staking protocol and shared liquidity protocol, POL provides users with enhanced functionality and efficiency within the Polygon network.
