Polygon launched Ethereum token POL to replace MATIC
On October 25, the Polygon Labs team implemented a smart contract on the Ethereum mainnet for the new Polygon Ecosystem Token (POL), which is intended to replace MATIC.
The idea of launching a new coin was first put forward in mid-July as part of the Polygon 2.0 update. The main goal of the initiative is to ensure network scalability without compromising security.
Specific proposals to replace the MATIC utility token with POL appeared in September. The asset also uses a Proof-of-Stake (PoS) consensus mechanism
The Polygon team stated that the coin “will facilitate the creation of a vast ecosystem of layer-2 solutions based on zero-knowledge proofs .”
POL also paves the way for other aspects of the Polygon 2.0 roadmap, including the creation of a separate layer for staking , updating the current PoS mechanism to zkEVM-2, and developing a common liquidity protocol.
The developers emphasized that POL is not yet used in any way in operations within the protocols, so network participants do not need to exchange their MATIC. After a full launch, coins can be converted in a 1:1 ratio.
The initial supply of the asset will be 10 billion, increasing by 2% every year.
Let's remember that at the end of June Polygon Labs revealed the proposed architecture of Polygon 2.0 .
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