Polygon Labs referred to as the launch of the Polygon token a serious milestone on the Polygon 2.0 journey towards constructing the Worth Layer of the Web.
In an announcement on Wednesday, October 25, Polygon Labs introduced the launch of its new Polygon Token, POL, on the Ethereum blockchain community. The POL token’s function is to succeed the MATIC token because the next-generation, extremely environment friendly ecosystem for Polygon. This ecosystem encompasses the first Polygon blockchain, the Polygon zkEVM community, and a number of other supernets.
In its press launch, Polygon Labs stated that this can be a main milestone in its journey for Polygon 2.0. “Right this moment marks a serious milestone on the Polygon 2.0 journey towards constructing the Worth Layer of the Web. The improve to POL has been initiated on the Ethereum mainnet, after months of growth, group session and a profitable testnet launch,” said Polygon Labs.
The POL token improve is now reside on Ethereum mainnet.
Polygon 2.0, launched this summer season, is a roadmap for scaling Ethereum to construct the Worth Layer of the Web. POL unlocks that future.
POL is a next-generation token that may energy an enormous ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
— Polygon (Labs) (@0xPolygonLabs) October 25, 2023
Based mostly on blockchain information, the creation of the brand new token occurred on October 25 at 9:06 am UTC. The official title of the token is the “Polygon Ecosystem Token.” Of their announcement, the Polygon crew said that POL will energize an intensive ecosystem of Layer 2 chains based mostly on zero-knowledge expertise. This shall occur by way of the implementation of a “re-staking protocol” that permits token holders to stake POL on a number of chains, facilitating varied capabilities concurrently.
Polygon Labs’ Push for POL Token
Again in September, Polygon commenced the transition from MATIC to the POL token, initiating this course of with the introduction of three Polygon Enchancment Proposals (PIPs). PIP-18, in its Section 0, laid the muse for an intensive community of interconnected Layer 2 chains pushed by zero-knowledge expertise, with the goal of scaling Ethereum to the magnitude of the Web.
The POL improve additionally appears in direction of facilitating the forthcoming milestones outlined within the Polygon 2.0 roadmap. This additional consists of the launch of a brand new staking layer designed to empower Polygon L2, the improve of Polygon PoS to zkRollup. Moreover, it consists of the implementation of superior interoperability and shared liquidity protocol, all harnessed by zero-knowledge expertise.
The crew has underscored that, as of now, the POL token just isn’t in use inside any Polygon community programs. Stakeholders proceed to have interaction in staking actions by way of the standard MATIC token on each Polygon PoS and Polygon zkEVM. Additionally, the settlement of gasoline charges on the PoS community shall occur utilizing MATIC. Due to this fact, there may be at present no requirement for customers, validators, or utility builders to transform their MATIC holdings into POL.
Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary abilities.
