Polygon Labs has made significant strides in its journey towards building an ecosystem of zero-knowledge-based Layer 2 chains, launching its Polygon Ecosystem Token (POL) contract on the Ethereum mainnet on Tuesday. This development is part of the upcoming Polygon 2.0 era, with plans for POL to replace MATIC by 2024.
The announcement of this transition has not impacted MATIC's bullish trend. The token has seen a near 3% daily increase and a 27.22% weekly surge, currently trading at $0.6460 on Binance, where it is used for gas fees and staking.
The Polygon 2.0 roadmap includes milestones such as introducing a new staking layer, transitioning from Polygon proof-of-stake (PoS) to zkRollup within the Ethereum Virtual Machine (zkEVM), and implementing shared liquidity and interoperability across all Layer 2 projects.
Polygon's co-founder, Mihailo Bjelic, announced the successful launch of POL contracts on the Ethereum mainnet via Twitter. As POL takes over MATIC's role, token holders will not be required to swap their assets. The future of Polygon-based protocols and Layer 2 projects will be determined by the POL token contracts and the Polygon Protocol Council.
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