Polygon launches POL token contract on Ethereum to eventually replace MATIC

Polygon Labs has launched the Ethereum contract for the brand new Polygon token, POL, based on an October 25 announcement. The brand new token is meant to exchange the ecosystem’s present token, MATIC. Nonetheless, the crew stated customers presently needn’t trade their MATIC for POL.

The POL token improve is now dwell on Ethereum mainnet.

Polygon 2.0, launched this summer time, is a roadmap for scaling Ethereum to construct the Worth Layer of the Web. POL unlocks that future.

POL is a next-generation token that may energy an enormous ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz

— Polygon (Labs) (@0xPolygonLabs) October 25, 2023

In response to blockchain knowledge, the brand new token was created on October 25 at 09:06 a.m. UTC. Its full title is the “Polygon Ecosystem Token.” Within the announcement, the Polygon crew claimed that POL would “energy an enormous ecosystem of zero knowledge-based Layer 2 chains” by implementing a ‘re-staking protocol’ that enables token holders to stake it on a number of chains, performing a number of capabilities within the course of.

The token’s launch will now pave the best way for different facets of the Polygon 2.Zero roadmap to be applied, together with the launch of a brand new staking layer for the Polygon ecosystem, upgrading the present Proof of Stake (PoS) community to zkEVM layer-2, and making a shared liquidity protocol for all Polygon networks, the put up acknowledged.

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The crew emphasised that POL just isn’t at the moment getting used for any techniques within the Polygon community. Staking on each Polygon PoS and Polygon zkEVM continues to be being carried out by way of the outdated token, MATIC, and gasoline charges on the PoS community are nonetheless being paid for with MATIC. So, customers, validators, and app builders don’t must trade their MATIC for POL at current.

Polygon Labs first introduced it was growing a brand new layer-2 ecosystem on June 29. It referred to as the brand new ecosystem “Polygon 2.0.” On September 14, the crew introduced that Polygon 2.Zero would use a brand new token, POL. However on the time, the token was only a proposal and had not been deployed to Ethereum.

Polygon’s proposed layer-2 ecosystem will use zero-knowledge proofs to validate transactions between networks. It can face competitors from the Optimism ecosystem proposed by Optimism Labs, which can use optimistic rollup know-how to safe messages between networks.