In a significant development for the Polygon project, the new POL token has made its debut on the Ethereum mainnet. This move, announced on October 25th, marks a major milestone in the ongoing "Polygon 2.0" transformation. The Polygon 2.0 roadmap is focused on creating a cohesive and interoperable ecosystem for Polygon's scaling solutions, unveiling a revamped staking layer, and integrating its PoS Chain and ZkEVM networks.
The POL token will play a pivotal role in Polygon's reimagined staking layer. This layer will enable restaking, empowering participants to simultaneously engage in various tasks across different Polygon networks, including transaction sequencing, proof generation, and committee participation. Additionally, POL will serve as the network token for Polygon chains.
"The launch of POL is a major milestone on the Polygon 2.0 roadmap, but it’s only the beginning."
He went on to explain that it paves the way for a series of upgrades, including the launch of a new staking layer to power Polygon L2s, upgrading Polygon PoS to zkRollup, and implementing interoperability and shared liquidity protocols for all these L2s.
The launch of POL follows months of development and a successful testnet deployment. Polygon is also on track to facilitate the migration of its existing MATIC token to POL by the end of the year.
Polygon 2.0 is an ambitious initiative that was introduced in June, aiming to create an interconnected ecosystem secured by a shared staking layer. The Polygon ecosystem spans various solutions, including Layer 2 rollup, ZkEVM, Ethereum sidechains, PoS Chain, and Supernets. It also continues to develop Miden, an L2 solution based on ZK-STARK technology.
Polygon's innovative restaking mechanism, initially pioneered with EigenLayer on Ethereum, will allow validators to secure multiple chains using a single token. Notably, Polygon's approach minimizes the risk of slashing penalties associated with restaking, as the mechanism is designed to exclusively service chains within the Polygon ecosystem.
This latest advancement in the Polygon project was preceded by the introduction of the Polygon Protocol Council on October 19th, comprising a 13-person council responsible for executing system smart contract upgrades on the Ethereum mainnet. This council includes prominent members from the web3 community and service providers, further enhancing Polygon's commitment to its vision for a thriving, interconnected ecosystem.
In summary, the launch of the POL token on the Ethereum mainnet is a pivotal step in Polygon's journey towards creating a seamless and unified multi-chain ecosystem.
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