Polygon Labs Launches Ethereum Contract for New Token POL to Replace MATIC in Ecosystem

Polygon Labs has launched the Ethereum contract for their new token, POL, which is intended to replace the current token, MATIC. However, users do not need to exchange their MATIC for POL at present. The new token will power a vast ecosystem of zero knowledge-based Layer 2 chains and its launch will pave the way for other aspects of the Polygon 2.0 roadmap to be implemented. The team emphasized that POL is not currently being used for any systems in the Polygon network and staking on both Polygon PoS and Polygon zkEVM is still being performed via the old token, MATIC.