Polygon Labs has introduced the Ethereum contract for its novel Polygon token, POL, created to supplant the current token of the ecosystem, MATIC.
There is presently no requirement for users to swap their MATIC tokens for POL, the network clarified.
The POL token is designed to empower a wide-ranging network of Layer 2 chains based on zero knowledge, incorporating a re-staking protocol that enables token holders to stake it on multiple chains and execute various functions.
The launch paves the way for the implementation of additional features outlined in the Polygon 2.0 roadmap.
On the other hand, POL is currently not yet utilized in any systems within the network and staking process on both Polygon PoS and Polygon zkEVM still relies on the previous token, MATIC.
Additionally, gas fees on the PoS network are still paid using MATIC.