Polygon Labs, the creator of the Polygon network, has recently launched the POL smart contract token on the Ethereum mainnet. This highly anticipated token upgrade aims to serve as a replacement for the MATIC token within the Polygon ecosystem. With the introduction of the POL token, Polygon 2.0 is one step closer to realizing its vision of scaling Ethereum and building the Value Layer of the Internet.
The Rollout of the POL Token
The deployment of the POL token took place on October 25, 2023, at approximately 09:06 AM (UTC), as confirmed by on-chain data on the Etherscan platform. Following 2,620 block confirmations, POL (Polygon Ecosystem Token) was successfully launched on the Ethereum network at block height 18426253. This significant development marks a pivotal moment for the Polygon team as they work towards the future of Polygon 2.0.
Serving as the Key Player in Polygon 2.0
The introduction of the POL token is closely tied to the broader goals of Polygon 2.0. Building upon the success of the Polygon blockchain protocols, Polygon 2.0 aims to unlock the full potential of both Ethereum and Polygon through its layer-2 scaling solution. The Polygon network first unveiled its intentions to develop a Polygon 2.0 architecture on June 12, with a focus on achieving unlimited scalability and unified liquidity. The recent rollout of the POL token is a significant milestone in Polygon’s journey towards transforming into the Value Layer of the Internet.
Polygon Labs provided further details on Polygon 2.0 in a post published on September 14. This post highlighted the implementation of three Polygon Improvement Proposals (PIPs) and outlined the roadmap for Phase 0. One of the main objectives of this proposal implementation was to migrate from MATIC to POL as the new token responsible for network fees and staking functions. This transition sets the stage for the full realization of Polygon 2.0, expected to take place in the fourth quarter of this year.
Empowering Diverse Layer 2 Blockchains
The POL token is set to play a crucial role in powering a vast ecosystem of zero-knowledge-based layer 2 blockchains. It will serve as the backbone for implementing a re-staking protocol across multiple chains, enabling POL token holders to secure their assets on different blockchain protocols while concurrently performing other operations. Additionally, the successful deployment of the POL smart contract token on the Ethereum mainnet will enable the continued execution of Polygon 2.0’s roadmap.
As part of the strategic direction of Polygon 2.0, the development team aims to introduce a new staking layer for the Polygon network. This transition will involve a shift from the modular proof-of-stake (PoS) consensus mechanism to a zero-knowledge Ethereum Virtual Machine (zkEVM) layer-2 protocol. Furthermore, Polygon intends to craft an entirely new shared liquidity protocol for all Polygon-based networks, providing a seamless experience for users across different platforms.
The Future of MATIC and POL
Despite the launch of the POL token, the Polygon team emphasizes that MATIC remains the default payment and staking mechanism for on-chain transactions. Users are currently required to swap their MATIC tokens for POL, but this may change in the near future as the ecosystem token for the protocol. The introduction of the POL token signals an important shift in Polygon’s trajectory, as it positions itself as a key player in scaling Ethereum and enhancing the capabilities of the Polygon network.
The rollout of the POL smart contract token on the Ethereum mainnet marks a significant milestone for Polygon Labs and its Polygon 2.0 initiative. This token upgrade serves as a testament to Polygon’s commitment to scalability, unified liquidity, and the development of a value layer for the internet. With the POL token powering the ecosystem, Polygon is poised to revolutionize the blockchain landscape and empower users with increased scalability and efficiency. Exciting times lie ahead for Polygon and its growing community.