Polygon Labs has launched the Ethereum contract for the brand new Polygon token, POL, in accordance to an October 25 announcement. The brand new token is meant to replace the ecosystem’s present token, MATIC. Nonetheless, the staff mentioned customers presently do not want to alternate their MATIC for POL.
The POL token improve is now dwell on Ethereum mainnet.
Polygon 2.0, launched this summer season, 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 accordance to blockchain information, 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 staff claimed that POL would “energy an enormous ecosystem of zero knowledge-based Layer 2 chains” by implementing a ‘re-staking protocol’ that permits 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 way in which for different elements of the Polygon 2.0 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 publish acknowledged.
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The staff emphasised that POL is just not presently getting used for any techniques within the Polygon community. Staking on each Polygon PoS and Polygon zkEVM remains to be being carried out through the previous token, MATIC, and fuel charges on the PoS community are nonetheless being paid for with MATIC. So, customers, validators, and app builders don’t want to alternate their MATIC for POL at current.
Polygon Labs first introduced it was developing a new layer-2 ecosystem on June 29. It referred to as the brand new ecosystem “Polygon 2.0.” On September 14, the staff introduced that Polygon 2.0 would use a 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’s going to face competitors from the Optimism ecosystem proposed by Optimism Labs, which will use optimistic rollup technology to safe messages between networks.
