10 months ago
The squad migrated the POL token declaration to the Ethereum network, paving the mode for it to regenerate MATIC successful the future.
Polygon Labs has launched the Ethereum declaration for the caller Polygon token, POL, according to an October 25 announcement. The caller token is intended to regenerate the ecosystem’s existent token, MATIC. However, the squad said users presently don't request to speech their MATIC for POL.
The POL token upgrade is present unrecorded connected Ethereum mainnet.
Polygon 2.0, released this summer, is simply a roadmap for scaling Ethereum to physique the Value Layer of the Internet. POL unlocks that future.
POL is simply a next-generation token that tin powerfulness a immense ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
According to blockchain data, the caller token was created connected October 25 astatine 09:06 a.m. UTC. Its afloat sanction is the “Polygon Ecosystem Token.” In the announcement, the Polygon squad claimed that POL would “power a immense ecosystem of zero knowledge-based Layer 2 chains” by implementing a 're-staking protocol' that allows token holders to involvement it connected aggregate chains, performing aggregate functions successful the process.
The token’s motorboat volition present pave the mode for different aspects of the Polygon 2.0 roadmap to beryllium implemented, including the motorboat of a caller staking furniture for the Polygon ecosystem, upgrading the existent Proof of Stake (PoS) web to zkEVM layer-2, and creating a shared liquidity protocol for each Polygon networks, the station stated.
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The squad emphasized that POL is not presently being utilized for immoderate systems successful the Polygon network. Staking connected some Polygon PoS and Polygon zkEVM is inactive being performed via the aged token, MATIC, and state fees connected the PoS web are inactive being paid for with MATIC. So, users, validators, and app developers bash not request to speech their MATIC for POL astatine present.
Polygon Labs archetypal announced it was developing a caller layer-2 ecosystem connected June 29. It called the caller ecosystem “Polygon 2.0.” On September 14, the squad announced that Polygon 2.0 would usage a caller token, POL. But astatine the time, the token was conscionable a connection and had not been deployed to Ethereum.
Polygon’s projected layer-2 ecosystem volition usage zero-knowledge proofs to validate transactions betwixt networks. It volition look contention from the Optimism ecosystem projected by Optimism Labs, which will usage optimistic rollup technology to unafraid messages betwixt networks.
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