Polygon Labs has officially launched the Ethereum contract for its revolutionary Polygon token, POL. The announcement on Oct. 25 marked a pivotal moment for the platform as it positioned POL to eventually replace the current ecosystem token, MATIC.
Seamless Migration of POL Token Contract
The development team executed a seamless migration of the POL token contract to the Ethereum network, opening the door for its future role in replacing MATIC. The creation of the new token was recorded on Oct. 25 at 9:06 am UTC, bearing the full name “Polygon Ecosystem Token.”
Notably, Polygon’s vision for POL extends beyond a mere token replacement. The team emphasized that POL would power a vast ecosystem of zero knowledge-based Layer 2 chains. This is further made possible through the implementation of a “re-staking protocol,” enabling token holders to stake POL on multiple chains, facilitating a myriad of functions in the process.
Strategic Steps in the Polygon 2.0 Roadmap
With the token officially launched, the Polygon 2.0 roadmap gains momentum. Further key milestones include the introduction of a new staking layer, the transformation of the current proof-of-stake (PoS) network to zkEVM layer-2, and the establishment of a shared liquidity protocol across all Polygon networks.
However, despite the launch, POL is not yet actively utilized within the Polygon network. Users execute staking on both Polygon PoS and Polygon zkEVM through the existing token, MATIC. Additionally, they presently settle gas fees on the PoS network with MATIC. This implies that users, validators, and app developers need not rush into exchanging their MATIC for POL at this stage.
Polygon 2.0 Unveiling and Evolution of POL Token
Importantly, the journey to Polygon 2.0 began with the initial announcement by Polygon Labs on June 29, unveiling plans for a new layer-2 ecosystem. On Sept. 14, the team officially introduced POL as the designated token for Polygon 2.0. However, at that juncture, POL existed as a proposal and had not been deployed to the Ethereum network.
Competition and Future Landscape
Notably, Polygon’s proposed layer-2 ecosystem, backed by zero-knowledge proofs for transaction validation between networks, positions it as a contender in a competitive landscape. It faces competition from Optimism Labs and their Optimism ecosystem, leveraging optimistic rollup technology for secure messaging between networks.
The unfolding dynamics between these ecosystems will undoubtedly shape the future of blockchain technology.