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 objective 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 it is a main milestone in its journey for Polygon 2.0. “Immediately 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 improvement, neighborhood session and a profitable testnet launch,” said Polygon Labs.
The POL token improve is now stay 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 unlimited 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 identify of the token is the “Polygon Ecosystem Token.” Of their announcement, the Polygon staff acknowledged that POL will energize an intensive ecosystem of Layer 2 chains based mostly on zero-knowledge expertise. This shall occur by means of the implementation of a “re-staking protocol” that allows token holders to stake POL on a number of chains, facilitating numerous features 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 Part 0, laid the inspiration for an intensive community of interconnected Layer 2 chains pushed by zero-knowledge expertise, with the intention of scaling Ethereum to the magnitude of the Web.
The POL improve additionally seems to be in the 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 staff has underscored that, as of now, the POL token is just not in use inside any Polygon community programs. Stakeholders proceed to have interaction in staking actions by means of the normal MATIC token on each Polygon PoS and Polygon zkEVM. Additionally, the settlement of fuel charges on the PoS community shall occur utilizing MATIC. Subsequently, there’s at present no requirement for customers, validators, or software builders to transform their MATIC holdings into POL.
Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the 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 information. In free time he reads thriller fictions novels and typically discover his culinary expertise.
