Polygon Ecosystem Token (POL) is designed to gradually replace the current MATIC token over a period of 4 years as part of Polygon 2.0. This upgrade will see Polygon evolving into a Polygon zkEVM validium with its own network of interoperable application-specific blockchains.
The POL token is slated to come with added utility, including restaking, where validators can restake their POL tokens to secure other chains in the Polygon supernet and earn additional rewards.
Under the specifications of Polygon 2.0, Polygon is transforming its products to integrate zero knowledge technology and evolve into a full-suite scaling solution for the Ethereum blockchain. This transformation involves restructuring the Polygon PoS chain into a ZK validium Layer 2 network for the Ethereum blockchain and constructing a supernet architecture to power a hub of ZK L2 networks operating in a uniform ecosystem with an efficient interoperability design.
POL is an essential element in the functionality and governance of the Polygon ecosystem, and it has gained recognition and adoption within the crypto community due to its role in scaling Ethereum and enabling various DeFi and blockchain applications.