Polygon Labs Debuts Ethereum Contract for New Token, No Immediate Switch Needed
Polygon Labs introduces a brand new POL token on Ethereum; MATIC stays the first token for now.
Polygon Labs launched its newest Ethereum contract for their new token, named the Polygon Ecosystem Token, abbreviated as POL, on October 25. This new token is poised to take the place of the at present used MATIC token finally. Notably, at this juncture, the prevailing MATIC token holders are usually not required to swap their holdings for the brand new POL token.
Data from the blockchain point out that the POL token got here into existence on October 25. The essence of this introduction was defined by the Polygon group: they envision POL because the driving pressure behind a broad ecosystem of zero knowledge-based Layer 2 chains. By way of the applying of a re-staking protocol, the tokenholders can place their stakes throughout varied chains, enterprise a number of features concurrently.
With the initiation of this token, different parts of the Polygon 2.0 imaginative and prescient may be set into movement. These subsequent steps embody the introduction of a renewed staking platform particularly designed for the Polygon group, refining the prevailing proof-of-stake community to the superior zkEVM layer-2, and laying the groundwork for a unified liquidity protocol spanning throughout all Polygon networks.
Though the POL token has been launched, its sensible functions inside the Polygon community stay untouched for now.
Key operations equivalent to staking on the Polygon proof-of-stake and Polygon zkEVM are nonetheless being managed with the MATIC token. Even fuel charges within the proof-of-stake community are nonetheless charged in MATIC. This underscores the purpose that present MATIC customers and stakeholders haven’t any urgent have to transition to POL.
Rewinding a bit, on June 29, Polygon Labs made their intentions clear about crafting a recent layer-2 ecosystem, dubbing it “Polygon 2.0.” Subsequent to this, September 14 noticed them revealing plans concerning the new token, POL, for Polygon 2.0, although again then, it was nonetheless within the conceptual section with none energetic deployment on Ethereum.
To make sure seamless transactions throughout networks, Polygon’s upcoming layer-2 ecosystem is about to make use of zero-knowledge proofs. This growth will place them in direct competitors with the rising Optimism ecosystem from Optimism Labs that leans on optimistic rollup know-how for securing inter-network communications.
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