In a statement on X, Bjelic said: 

“As projects evolve and mature, it’s natural for visions to evolve and sometimes diverge. With that in mind, I can no longer contribute to Polygon to the best of my abilities. However, I am confident that the project’s leadership is fully committed to its success. I will always be cheering from the sidelines and supporting however I can.” 

Bjelic will resign from his roles on the Polygon Foundation board. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun founded Matic Network in 2017. The team later rebranded the project as Polygon. Polygon has gained a significant place in the blockchain ecosystem with its Ethereum Layer 2 solutions. Additionally, the platform has conducted significant R&D in zero-knowledge and proof-of-stake technologies. 

Polygon 2.0 and Token Transition: A New Step in Blockchain 

Polygon launched a significant token transition in late 2024 as part of its 2.0 roadmap. MATIC tokens were replaced with the new POL tokens at a 1:1 ratio. This change aimed to expand the use of the network’s native tokens across gas fees, staking, and infrastructure like AggLayer, making the Polygon network more functional and user-friendly. 

Bjelic’s departure is seen as a natural outcome of the token’s decentralization and changes in the governance structure. Nevertheless, Polygon continues its development process without slowing down. The team remains focused on technical innovations and pushing the boundaries of blockchain technology. With the support of the community and investors, token continues to strengthen its leadership position in Ethereum Layer 2 solutions. 

Lastly, POL is trading at approximately $0.237. This price is about 69% lower than its all-time high of $0.77 in December 2024. The 24-hour trading volume is approximately $142 million. 

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According to Blockchain data, the new token was created at 09:06 UTC on October 25. Its full name is “Polygon Ecosystem Token“.  Also in the announcement, Polygon’s team claimed that POL will implement a “re-staking protocol” that allows token holders to stake multiple chains and perform various functions in the process, promoting a broad ecosystem of “zero-knowledge Layer 2” chains.

Polygon 2.0

The launch of the token will pave the way for the implementation of other aspects of the current Polygon 2.0 roadmap. This includes launching a new staking layer for the Matic ecosystem, additionally upgrading the existing staking (PoS) network to zkEVM Layer 2, and establishing a shared liquidity protocol for all Matic networks, as stated in the announcement.

The team emphasizes that POL is currently not used in any system on the Matic. Both Polygon PoS and Polygon zkEVM continue to be staked with the old token, MATIC, and gas fees on the PoS network are still paid with MATIC. Therefore, users, validators, and application developers do not need to replace their MATIC with POL currently.

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Polygon Labs announced on June 29 that they were developing a new Layer 2 ecosystem. They named this new ecosystem “Polygon 2.0“. On September 14, the team announced their intention to use a new token, POL, in Polygon 2.0. However, at this point, POL is still a proposal and has not yet been distributed to Ethereum.

The proposed Layer 2 ecosystem of Matic will use zero-knowledge proofs to validate transactions between networks. This will compete with the Optimism ecosystem proposed by Optimism Labs, which will use Optimistic Rollup technology to secure communication between networks.

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