Polygon will finally launch the POL token contract on Ethereum to replace MATIC

According to an announcement on October 25, Polygon Labs has launched an Ethereum contract for its new Polygon token, POL. The new token is intended to replace the ecosystem's current token MATIC (MATIC). However, the team says users currently do not need to convert MATIC to POL.

The POL token update is now live on the Ethereum mainnet.

Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Internet's value layer. POL unlocks that future.

POL is a next-generation token that can power a broad ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz

— Polygon Labs (@0xPolygonLabs) October 25, 2023

According to blockchain data, the new token was created on October 25 at 9:06 am UTC. Its full name is “Polygon Ecosystem Token”. In the announcement, the Polygon team implemented a “re-staking protocol” that allows token holders to participate on multiple chains, performing multiple tasks in the process, Paul said, “enhancing the broader ecosystem of zero-knowledge layer 2 chains.” .

The token launch now paves the way for other aspects of the Polygon 2.0 roadmap to be implemented, including the launch of a new staking layer for the Polygon ecosystem, upgrading the current proof-of-stake (PoS) network to zkEVM Layer-2. and creating a common liquidity protocol for all Polygon networks, the post stated.

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The team emphasized that POL is not currently being used for any systems in the Polygon network. Stocking on both Polygon POS and Polygon zkEVM is done with the old token, MATIC, and gas charges are still being paid in MATIC. Therefore, users, authenticators, and applications currently do not need to convert their MATIC to POL.

Polygon Labs announced on June 29 that it is building a new Layer-2 ecosystem. He called the new environment “Polygon 2.0”. On September 14, the team announced that Polygon 2.0 will use a new token, POL. But at that time the token was only a proposal and was not developed into Ethereum.

Polygon's Layer-2 ecosystem uses zero-knowledge authentication to authenticate transactions between networks. It faces competition from the Optimum Ecosystem by Optimum Labs, which uses Optimum technology to secure messages between networks.