Polygon Labs Introduces POL Token to Upgrade Ecosystem as Part of Polygon 2.0 Roadmap
Summary:
Polygon Labs recently launched its new token, POL, by initiating an Ethereum contract. Envisioned to supersede the existing token MATIC, POL's incorporation forms part of Polygon 2.0, a blueprint to heighten Ethereum's capabilities. The token aims to manage an expansive ecosystem of ZK-based L2 Chains and catalyze program implementations part of the Polygon 2.0 roadmap. However, current staking and transaction processes would continue with MATIC, eliminating the immediate need for token exchanges.
In a recent announcement, Polygon Labs unveiled its all-new Polygon token, referred to as POL, via an Ethereum contract. As part of a token upgrade, POL is devised to supersede the ecosystem’s existing token, MATIC, but there's no necessity for users to interchange their MATIC tokens for POL at the present moment. POL's introduction forms a part of Polygon 2.0, an initiative launched earlier this year intending to escalate Ethereum for online value layer construction. The novel token, POL, is intended to manage a diverse system of zero-knowledge (ZK) driven Layer 2 chains.
Blockchain records show that the POL token, or officially, the “Polygon Ecosystem Token,” came into existence on October 25, at around 09:06 a.m. UTC. With a unique 're-staking protocol,' POL will allow holders to stake on multiple chains, acquiring varied functions. This launch is anticipatorily leading towards the inclusion of other facets of Polygon 2.0, such as a new staking layer, improvement of the existing Proof of Stake (PoS) network by upgrading to zkEVM layer-2, and inventing a communal liquidity protocol for every Polygon network.
Although POL is now active, it doesn't have any current use within the Polygon network. Current staking is still revolving around the prior token, MATIC, and likewise, gas fees are being dealt with using MATIC. Consequently, any swaps of MATIC for POL are not required at the moment by users, validators, and app developers.
Polygon Labs initially revealed plans for a new Layer-2 ecosystem, dubbed as "Polygon 2.0," on June 29, which was later announced to incorporate POL on September 14. Though, at that moment, POL was only a notion and wasn't applied to Ethereum. With zero-knowledge proof to validate transactional agreements across networks, the upcoming Layer-2 ecosystem of Polygon is up against Optimism ecosystem designed by Optimism Labs, which employs optimistic rollup technology for secure messaging across networks.
Published At
10/25/2023 4:40:20 PM
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