Polygon Labs Propose to Replace MATIC Token with POL for Greater Utility

Polygon Labs has put ahead a proposal to MATIC token holders to interchange their cash with POL in a 1:1 swap.

This proposal goals to introduce POL because the upgraded native token for the Polygon ecosystem, offering quite a few advantages for customers and validators alike.

The corporate mentioned in a tweet that the improve plan introduced by Polygon Labs positions the POL token as the primary token of the Polygon ecosystem. Which means POL would be the sole legitimate token throughout all Polygon networks, together with the Polygon mainnet, Polygon zkEVM community, and Supernet chains.

Proud to unveil POL, the proposed improve to MATIC! 💫

POL is a subsequent gen, multi-utility token, designed to safe, align and develop the Polygon ecosystem.

We’re excited to debate the proposal with the neighborhood. Solely collectively we will construct the Worth Layer of the Web! 🤗 https://t.co/si2LcnT1wC

— Mihailo Bjelic (@MihailoBjelic) July 13, 2023

In a latest weblog put up, Polygon Labs emphasizes that the POL token will function a multi-purpose token, enabling validators to assist the operation of a number of chains utilizing a single token.

Subsequent Technology of Native Property

In accordance to an intensive white paper authored by a crew of Polygon founders and researchers, the POL token affords a variety of benefits that improve the performance and utility of the Polygon community. Firstly, POL introduces a 3rd technology of native property, generally known as hyperproductive tokens. 

In contrast to earlier generations, POL allows validators to validate a number of chains, providing virtually limitless alternatives to POL holders. This progressive design not solely secures and coordinates the Polygon ecosystem, but in addition supplies validators with elevated flexibility and potential rewards.

POL additionally enhances the safety and scalability of the Polygon community. By way of a extremely decentralized pool of Proof-of-Stake (PoS) validators, POL ensures safety, resilience, and credible neutrality throughout each Polygon chain. 

Validators are incentivized to affix the pool and safe as many chains as potential. This strategy fosters a safe and scalable ecosystem, permitting for exponential progress and mainstream adoption with out compromising community safety.

4/ POL is the third technology of native property – a hyperproductive token. 🤯

Holders can develop into validators and obtain rewards, however with two main enhancements:

🔥 Validators can validate MULTIPLE CHAINS🔥 Chain can supply MULTIPLE ROLES (and corresponding rewards) to validators

— Polygon (Labs) (@0xPolygonLabs) July 13, 2023

POL – Empowering the Polygon Ecosystem

POL introduces infinite scalability, empowering the validator pool to assist 1000’s of Polygon chains. This scalability enhancement allows the Polygon ecosystem to deal with elevated transaction volumes whereas sustaining safety and effectivity. 

Because of this, POL paves the way in which for the seamless integration of quite a few purposes and companies, fueling the expansion and growth of the Polygon community.

The introduction of POL additionally brings about enhancements within the governance and neighborhood possession of the Polygon ecosystem. POL holders can actively take part within the governance framework, permitting for community-driven decision-making processes. 

This aligns with the core worth of decentralization, making certain that the Polygon community evolves with the collective enter of its neighborhood members. With neighborhood possession, POL holders develop into key stakeholders, contributing to the expansion and growth of the Polygon ecosystem.

Moreover, POL reduces friction throughout the Polygon community by eliminating the necessity for customers and builders to carry, stake, or eat native tokens to entry the community. 

This streamlined strategy enhances person and developer expertise, making it simpler for people and companies to have interaction with the Polygon ecosystem and leverage its capabilities.

Seamless Migration Course of 

When it comes to migration, Polygon Labs acknowledged: 

The improve from MATIC to POL would  require a easy technical motion – sending MATIC to the improve sensible contract, which is able to mechanically return the equal quantity of POL. 

Polygon Labs goals to offer ample time for the neighborhood to assist this initiative, with a proposed migration interval of 4 years or extra.

The proposed improve from MATIC to POL demonstrates Polygon Labs’ dedication to steady enchancment and innovation. The introduction of the POL token ensures that the Polygon ecosystem stays on the forefront of the blockchain trade. It affords a seamless and rewarding expertise for each customers and builders because the platform continues to evolve.

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