The team moved the POL token contract to the Ethereum network, clearing the road for it to eventually replace MATIC. According to an Oct. 25 statement, Polygon Labs has deployed the Ethereum contract for the new Polygon coin, POL. The new coin is meant to replace the ecosystem’s current token, although the team stated that users do not yet need to convert their MATIC for POL. The new token was generated on October 25 at 9:06 a.m. UTC, according to blockchain data.
The launch of the token will now pave the way for the implementation of other aspects of the Polygon 2.0 roadmap, such as the creation of a new staking layer for the Polygon ecosystem, upgrading the current proof-of-stake (PoS) network to zkEVM layer-2, and developing a shared liquidity protocol for all Polygon networks, according to the post.
POL is not currently used for any systems in the Polygon network, according to the team. Staking on both the Polygon PoS and Polygon zkEVM networks is still done with the old token, MATIC, and gas fees on the PoS network are still paid with MATIC. As a result, users, validators, and app developers are not required to convert their MATIC for POL at this time.
On June 29, Polygon Labs announced the creation of a new layer-2 ecosystem. The new environment was dubbed “Polygon 2.0.” The developers stated on September 14 that Polygon 2.0 would use a new coin, POL. However, the coin was only a proposal at the time and had not yet been implemented on Ethereum. Polygon’s proposed layer-2 ecosystem will validate network transactions using zero-knowledge proofs. It will be challenged by Optimism Labs’ proposed Optimism ecosystem, which will use optimistic rollup technology to encrypt messages between networks.