Polygon Deploys POL Token On Ethereum
New POL token will facilitate restaking for multi-chain Polygon ecosystem
By: Samuel Haig •DeFi News
Polygon's new POL token is live on the Ethereum mainnet.
Polygon announced the news on Oct. 25, comprising a major milestone in the project’s ongoing “2.0” overhaul. The roadmap seeks to establish Polygon’s various scaling solutions as an interoperable ecosystem, launch a new staking layer, and unify its PoS Chain and ZkEVM networks.
POL will power Polygon's upcoming revamped staking layer. The layer will support restaking, allowing stakers to simultaneously perform multiple tasks for different Polygon networks — including transaction sequencing, proof generation, and committee participation. POL will also comprise 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,” said Mihailo Bjelic, the co-founder of Polygon. “It paves the way for a number of upgrades, including launching a new staking layer to power Polygon L2s, upgrading Polygon PoS to zkRollup, and implementing an... interoperability and shared liquidity protocol for all these L2s.”
The launch follows months of development and a successful testnet deployment. Polygon previously said it aims to enable migrations from its existing MATIC token to POL by the end of the year.
Polygon first unveiled its 2.0 roadmap in June before outlining plans for a governance overhaul in July. The upgrades seek to consolidate and unify Polygon’s various scaling solutions into an interconnected ecosystem secured by a shared staking layer.
Polygon’s ecosystem currently spans its Layer 2 rollup, ZkEVM, its long-standing Ethereum sidechain, PoS Chain, and its Layer 3 architecture, Supernets. Polygon also continues to develop Miden, a ZK-STARK-based L2.
Polygon’s new staking layer will leverage “restaking” to allow validators to secure its various chains using a single token.
Restaking was pioneered with the launch of EigenLayer on Ethereum in June. EigenLayer allows Ethereum stakers to validate third-party services while also securing the Ethereum blockchain to earn additional yields on top of staking rewards. However, the mechanism also comes with increased slashing risks, meaning restakers could be penalized if the services they secure misbehave.
Polygon designed its restaking mechanism to exclusively service chains within its own ecosystem, reducing the threat of slashing penalties.
On Oct. 19, the project unveiled the Polygon Protocol Council, a 13-person council tasked with executing system smart contract upgrades on the Ethereum mainnet. The council spans prominent web3 community members and service providers.