Polygon Labs called the launch of the Polygon token an important milestone in Polygon 2.0’s journey toward building the value layer of the Internet.
In an announcement on Wednesday, October 25, Polygon Labs announced the launch of its new Polygon Token, POL, on the ethereum blockchain network. The purpose of the POL token is to succeed the MATIC token as the highly efficient next-generation ecosystem for Polygon. This ecosystem encompasses the main Polygon blockchain, the Polygon zkEVM network, and several supernets.
In its press release, Polygon Labs said this is an important milestone in its journey towards Polygon 2.0. “Today marks an important milestone in Polygon 2.0’s journey toward building the value layer of the Internet. The upgrade to POL has begun on the ethereum mainnet, after months of development, community consultations, and a successful testnet launch.” technology/blog/polygon-2-0-milestone-pol-contracts-are-live-on-ethereum-mainnet” target=”_blank” rel=”nofollow noopener”>saying Polygon laboratories.
The POL token upgrade is now available on the ethereum mainnet.
Polygon 2.0, released this summer, is a roadmap for scaling ethereum and building the Internet’s value layer. POL unlocks that future.
POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
– Polygon (Labs) (@0xPolygonLabs) October 25, 2023
According to blockchain records, the creation of the new token occurred on October 25 at 9:06 am UTC. The official name of the token is “Polygon Ecosystem Token”. In its announcement, the Polygon team stated that POL will power an extensive Layer 2 chain ecosystem based on zero-knowledge technology. This will happen by implementing a “re-staking protocol” that allows token holders to stake POL on multiple chains, facilitating several functions simultaneously.
Polygon Labs push for POL token
In September, Polygon began the transition from MATIC to the POL token, beginning this process with the introduction of three Polygon Improvement Proposals (PIPs). PIP-18, in its Phase 0, laid the foundation for an extensive network of interconnected Layer 2 chains powered by zero-knowledge technology, with the goal of scaling ethereum to the magnitude of the Internet.
The POL update also seeks to facilitate upcoming milestones outlined in the Polygon 2.0 roadmap. This also includes the launch of a new staking layer designed to power Polygon L2, the upgrade from Polygon PoS to zkRollup. Additionally, it includes the implementation of advanced interoperability and shared liquidity protocol, all leveraged by zero-knowledge technology.
The team has stressed that as of now, the POL token is not used in any Polygon network systems. Stakeholders continue to engage in staking activities through the traditional MATIC token on both Polygon PoS and Polygon zkEVM. In addition, the settlement of gas tariffs in the PoS network will be carried out through MATIC. Therefore, there is currently no requirement for users, validators or application developers to convert their MATIC holdings into POL.
next
Bhushan is a financial technology enthusiast and has a keen knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually in the learning process and stays motivated by sharing the knowledge acquired. In his spare time he reads suspense and fiction novels and sometimes explores his culinary skills.
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=();t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘846189260537157’);
fbq(‘track’, ‘PageView’);