Polygon Introduces POL Token Contract on Ethereum with Plans to Phase Out MATIC

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The Twitter post highlights that POL is not currently being used for any systems in the Polygon network.

Staking on both Polygon PoS and Polygon zkEVM is still being performed via the old token, MATIC, and gas fees on the PoS network are still being paid for with MATIC. Users, validators, and developers do not need to exchange their MATIC for POL at present.

The blockchain data of the new token was created on October 25 at 09:06 a.m. UTC. Its full name is the “Polygon Ecosystem Token.”

The POL token upgrade is now live on Ethereum mainnet.

Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future.

POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
— Polygon | Aggregated (@0xPolygon) October 25, 2023

According to the announcement, the Polygon team says that POL would “power a vast ecosystem of zero knowledge-based Layer 2 chains” by implementing a ‘re-staking protocol’ that allows token holders to stake it on multiple chains, performing multiple functions in the process.

Polygon 2.0 roadmap will be implemented using the new ecosystem token, 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 shared liquidity protocol for all Polygon networks, the post stated.