The group transitioned the POL token contract over to the Ethereum platform, potentially positioning it to take over from MATIC later on. On October 25, Polygon Labs announced the initiation of the Ethereum contract for their latest token, POL. Even though this new token is designed to eventually replace the existing MATIC in the ecosystem, the team clarified that there's currently no immediate need for users to swap their MATIC for POL.

Blockchain records show that the "Polygon Ecosystem Token" was launched on Oct. 25 at 9:06 am UTC. Polygon's team announced that POL is designed to power a wide range of zero-knowledge Layer 2 networks using a unique "re-staking protocol." This allows token holders to distribute it over multiple networks, performing various tasks at once.

This token launch is a part of Polygon 2.0's vision, which includes introducing a new staking layer, shifting from the current PoS system to zkEVM layer-2, and establishing a shared liquidity protocol for all Polygon networks.

Currently, POL is not used for any activities in the Polygon system. Polygon PoS and zkEVM staking still use the MATIC token, and MATIC also covers the PoS system's gas fees. Hence, there's no urgent need for users to exchange their MATIC for POL.

On June 29, Polygon Labs revealed their "Polygon 2.0" plans. By Sept. 14, they announced the introduction of the POL token, but it was then only a concept and not yet on Ethereum.

Polygon's planned layer-2 system aims to use zero-knowledge proofs for verifying cross-network transactions, competing with Optimism Labs' optimistic rollup technology.