Polygon Introduces POL Token
Polygon Labs has officially launched a new token, POL, on the Ethereum mainnet as of October 25. In a land where acronyms reign supreme, POL is here to replace the current MATIC token with a fresh twist, though current users are holding on to both tokens for now—no immediate swaps required!
What is POL?
The full title of this shiny new token is the “Polygon Ecosystem Token.” According to Polygon, POL isn’t just your average crypto token. It’s designed to fuel a vast network of zero-knowledge (ZK) based Layer 2 chains, implementing a re-staking protocol that allows token holders to do some serious multi-tasking. Stake on multiple chains, earn some rewards, and feel like a multi-chain superhero—all without breaking a sweat!
The Road to Polygon 2.0
Polish your crystal ball, because the new token is just the beginning. This launch paves the way for other developments in the Polygon 2.0 roadmap. Expect to see:
- A new staking layer to emerge from the shadows of its predecessor.
- An upgrade of the current proof-of-stake (PoS) network to zkEVM layer-2—because why not make things more complicated, right?
- Creation of a shared liquidity protocol to unite all Polygon networks under one roof.
It sounds fancy, but just think of it as a major upgrade to your typical crypto homestead.
Current Use of MATIC
POL may be strutting its stuff, but it’s important to know that it won’t be stepping in for MATIC just yet. The Polygon network is still in love with MATIC for the time being. Users, validators, and app developers will continue to stake using the old-school MATIC token while paying gas fees and basking in the comfort of what they know, at least for now! No pressure, POL.
The Bigger Picture
Polygon’s journey to develop a layer-2 ecosystem using zero-knowledge proofs started back in June. Fast forward to September, when the team proposed POL. However, it faced some competition on the playground from the Optimism ecosystem, which is looking to innovate using optimistic rollup technology. Will Polygon maintain its lead in this ever-evolving crypto race? Only time will tell!
