Polygon operates as a Layer 2 scaling framework built on Ethereum, aiming to boost transaction throughput and lower gas costs without compromising security or decentralization. It utilizes mechanisms like sidechains and ZK Rollups to deliver this scalability. POL serves as the fresh native token for the Polygon 2.0 network. During 2024, Polygon formally transitioned its legacy MATIC token into POL at a 1:1 exchange rate, establishing it as the central asset for the whole ecosystem.