Matic, is it time to say goodbye? Polygon Labs has a new plan
The team migrated the POL token contract to the Ethereum network, paving the way for MATIC's replacement.
According to an October 25 on 2023 announcement, Polygon Labs launched the contract Ethereum for Polygon's new token "POL". The new token is intended to replace MATIC in the long run.
The team stated that users don't need currently to exchange their MATICs for POL, reassuring them.
Polygon 2.0, released this summer, is a roadmap to scale Ethereum and build the Value Layer of the Internet. POL unlocks this future. POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains.
According to blockchain data, the new token was created on October 25 at 9:06 UTC. Its full name is "Polygon Ecosystem Token." In the announcement, the Polygon team stated that POL will "power a vast ecosystem of zero-knowledge-based Layer 2 chains" by implementing a "re-staking protocol" that allows token-holders to stake the token on multiple chains, performing multiple functions in the process, a real bombshell. The token launch will pave the way for the implementation of other aspects of the Polygon 2.0 roadmap, including the launch of a new staking layer for the Polygon ecosystem.
The team pointed out that currently POL isn't used for any system in the Polygon network. Staking on both Polygon PoS and Polygon zkEVM is still done via the old token, MATIC, and gas fees on the PoS network are still paid in MATIC. Therefore, currently users, validators and app developers don't need to exchange their MATICs with POL.
The first time Polygon Labs announced the development of a new layer-2 ecosystem was June 29, months ago. The new ecosystem was called "Polygon 2.0." On September 14, the team announced that Polygon 2.0 would use a new token, POL. At the time, however, the token was only a proposal and had not been deployed on Ethereum, a kind of announcement that served as a warning for the future.
Polygon's proposed layer-2 ecosystem'll use zero-knowledge evidence to validate transactions between networks. It'll face competition from the Optimism ecosystem proposed by Optimism Labs, which will use optimistic rollup technology to protect messages between networks.
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