Polygon is undergoing a significant upgrade with the introduction of its new native token, POL, designed to gradually replace the MATIC token over the next four years. As part of Polygon 2.0, this evolution will transform Polygon into a Polygon zkEVM validium with its own network of interoperable, application-specific blockchains. POL will not only take over MATIC's roles in governance and gas fees but also bring enhanced utilities such as restaking, where validators can restake POL to secure additional chains within the Polygon supernet and earn more rewards.
The Polygon Ecosystem Token (POL) is set to be a substantial technical and economic upgrade, aimed at being future-proof as the ecosystem expands. It will improve both security and scalability by allowing validators to secure multiple chains, thus supporting Polygon's growth in the blockchain industry.
Polygon 2.0 is structured with four key layers: the Staking layer, the Interop layer, the Execution layer, and the Proving layer. The Staking layer employs a proof-of-stake consensus mechanism and is essential for the network's security, managed by smart contracts on Ethereum. Validators must stake POL to operate nodes and can participate in restaking to validate other chains. The Interop layer facilitates communication between networks within the Polygon supernet and Ethereum through an enhanced system using zk proofs. The Execution layer handles transaction validation and storage, while the Proving layer generates transaction proofs, featuring a flexible framework for custom state machines.
To ease the development of zk Layer 2 networks, Polygon will also offer the Polygon CDK (Chain Development Kit), an open-source framework that helps developers create networks compatible with the Polygon supernet, inheriting its security, decentralization, and interoperability benefits.
The POL token is set to be a vital component of the ecosystem, with a total supply of 10.24 billion POL, operating on the Ethereum blockchain. For more details, you can view the token address: 0x455e53cbb86018ac2b8092fdcd39d8444affc3f6.
That's a fantastic breakdown of Polygon's transition to 2.0 and the introduction of POL. As a participant in the Bingx event, I'm excited to see how this upgrade will impact the Polygon ecosystem and the broader blockchain space. The enhanced security, scalability, and interoperability offered by Polygon 2.0 seem promising. I'm particularly interested in learning more about the restaking mechanism and how it will contribute to the network's growth.