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Sandeep Nailwal, the founding father of Polygon, introduced a big technical improve to the Polygon ecosystem with the introduction of the POL token. The announcement, made by way of Twitter, outlines how POL goals to revolutionize multi-chain staking and produce a few new period in token design.
POL: A Technical Marvel
In accordance with Nailwal, “POL is a large technical improve to MATIC. POL delivers the advantages of multi-chain staking with out the added dangers of restaking.” The token is a part of the Polygon 2.0 proposal, which seeks to develop the Polygon ecosystem from a single chain to an interconnected community of Layer 2 options (L2s).
The Imaginative and prescient Behind POL
In accordance with a latest weblog submit on Polygon’s official web site, the POL token is engineered to function the “main instrument for coordination and progress of the Polygon ecosystem, in addition to the principle driver behind the imaginative and prescient of the Worth Layer for the Web.” The token is designed to offer “virtually limitless alternatives” to its holders by enabling validators to supervise a number of chains and assume numerous roles, thus considerably accelerating the expansion of the Polygon ecosystem. Nonetheless, the introduction of POL rewards will exchange the present MATIC protocol rewards for Polygon validators, elevating questions concerning the future function of MATIC and its potential impression on the asset’s market worth.
Multi-Chain Staking and Enshrined Restaking
One of the vital notable options of POL is its strategy to “enshrined restaking,” which permits the token to be restaked throughout any variety of chains on the community. Nailwal states, “POL can natively be used to stake any variety of chains and take part in any variety of roles. This lets stakers earn larger rewards with the identical staked capital.”
Lowering Centralization
The POL token is designed to attenuate reliance on trusted third events, thereby lowering vectors of centralization. “Enshrined restaking totally avoids reliance on trusted third events, creating fewer vectors of centralization,” Nailwal defined.
A New Technology in Token Design
POL represents a 3rd era in token design, following Bitcoin (BTC) and Ethereum (ETH). Whereas BTC doesn’t enable holders to take part in securing the community, and ETH permits staking for community safety, POL takes it a step additional. In accordance with Nailwal, “POL is designed from the bottom as much as be the primary hyperproductive token — a 3rd era in token design.”
Picture supply: Shutterstock
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