Polygon Launches POL Token Contract to Replace MATIC

The Polygon Ecosystem Token (POL) Launched

Polygon Labs has launched the Ethereum contract for the new Polygon token, POL, as announced on October 25. The token is intended to replace the MATIC token currently used in the ecosystem, however, users do not need to exchange their MATIC for POL at this time.

According to blockchain data, the new token was created on October 25 at 09:06 a.m. UTC and is officially called the “Polygon Ecosystem Token.” The team said that POL will “power a vast ecosystem of zero knowledge-based Layer 2 chains” by enabling users to stake it on multiple chains, and perform various functions.

The launch of POL marks the beginning of other aspects of the Polygon 2.0 roadmap, including the launch of a staking layer, upgrading the PoS network to zkEVM layer-2, and creating a shared liquidity protocol for all Polygon networks.

The team emphasized that POL is not currently being used for any systems in the Polygon network. Staking on both the Polygon PoS and Polygon zkEVM networks is still done via MATIC, and gas fees on the PoS network are still paid 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 revealed that it was creating a brand new layer-2 ecosystem, which it dubbed “Polygon 2.0.” On September 14, the team proposed the use of a new token, POL. But at the time, the token was still only a suggestion and had not been deployed to Ethereum.

Polygon’s proposed layer-2 ecosystem will take advantage of 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.

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