- Over the four years, the Polygon Ecosystem Token is one that is designed to replace the currency MATIC token gradually.
- Polygon Ecosystem Token (POL) will also come with some added utility, including staking, where all the validators can retake their POL tokens to secure other chains in the Polygon supernet and earn additional rewards.
As per the specifications of Polygon 2.0, Polygon is transforming its products to integrate zero-knowledge (ZK) technology, evolving into a full-suite scaling solution for the Ethereum blockchain. This includes restructuring the Polygon PoS chain into a ZK Validium Layer 2 network and building a Supernet architecture to create an ecosystem of ZK L2 networks with efficient interoperability.
Meaning of the Polygon Ecosystem Token (POL)
The Polygon Ecosystem Token (POL) is the new native token of the Polygon ecosystem, designed to be integrated into the core operations of Polygon’s major products and applications.
Eventually, POL will replace MATIC, assuming its roles in governance, gas fees, and additional utilities within the expanding Polygon ecosystem. Polygon also claims that POL is a technical and economic upgrade over MATIC, making it future-proof.
POL will enhance security and scalability, allowing validators to secure multiple chains within the Polygon ecosystem as the industry continues to grow. According to the POL whitepaper, the initial supply of POL will be 10 billion tokens, allocated for the migration of MATIC to POL.
Understanding Polygon 2.0, Powered by ZK Technology
On June 20, 2023, the Polygon Labs team published a proposal to transform the Polygon PoS chain into a full zkEVM Validium network. According to DefiLlama, Polygon PoS has emerged as one of the most widely used EVM networks, with over 482 protocols and a Total Value Locked (TVL) exceeding $750 million.
Polygon sees this upgrade as a way to enhance its security model. By adopting zkEVM technology, Polygon will be able to inherit Ethereum’s higher security. The proposal also claims that this transformation will help resolve current consensus issues, optimize gas fee estimation, reduce transaction fee spikes, and improve the overall user experience.
On the other hand, zkEVM Validiums are an alternative to rollups when implementing ZK-powered Layer 2 solutions. These ZK-powered L2s submit validity proofs to Ethereum (Layer 1), ensuring strong security guarantees for all transactions.
Conclusion
Polygon’s move toward ZK and Layer 2 technologies aligns with its original goal of scaling the Ethereum network. With Polygon 2.0 and POL, the ecosystem is evolving to provide enhanced security, scalability, and interoperability, ensuring a more efficient blockchain infrastructure for the future.
. Learn about its role in replacing MATIC, staking, zkEVM Validium, and enhancing Ethereum’s scalability.){kind=link}