Polygon to Replace MATIC with a New and Upgraded POL Token

The crew at Polygon is continuous with its plans to revamp the system’s structure and improve to Polygon 2.0.

Nonetheless, with a current proposal, the crew revealed its intention to interchange the challenge’s native token, MATIC, with a brand new and improved cryptocurrency known as POL.

What’s POL?

In accordance with Polygon, POL could be a third era token, with Bitcoin being a 1st-gen crypto, and Ether being the 2nd-gen coin. Concerning operate, POL would enable customers to grow to be validators inside its community, with the flexibility to validate any variety of networks and chains that the challenge appears to be spawning every day.

4/ POL is the third era of native belongings – a hyperproductive token. 🤯

Holders can grow to be 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

As for the unique cryptocurrency, MATIC, it might merely be deprecated in the course of the improve to Polygon 2.0. The challenge introduced its thought on Twitter, stating that POL was designed to safe, develop, and align the challenge’s complete ecosystem.

1/ In the present day, the subsequent technical proposal of Polygon 2.0 is unveiled:

POL, the upgraded token of the Polygon protocol! 💫

POL is the subsequent era native token, designed to safe, align and develop the Polygon ecosystem.

Watch the video to get an thought how cool it’s, then 🧵 pic.twitter.com/Gn7KcHpWEY

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

The crew promised to share all the small print concerning the token’s sensible contracts in a future Polygon Enchancment Proposal (PIP).

Polygon will solely have one native cryptocurrency

In fact, anybody who holds MATIC on the time of the improve would have their tokens upgraded to POL in a 1:1 ratio. The challenge promised that it might by no means function two native tokens.

In accordance with Polygon’s assertion, customers would solely must undergo a easy technical motion to have their tokens changed.

The challenge stated:

The improve from MATIC to POL would require a easy technical motion – sending MATIC to the improve sensible contract, which can mechanically return the equal quantity of POL. Token holders could be given ample time to improve, e.g. 4 years or extra. If the neighborhood consensus is gathered in assist of this proposal, the migration may begin inside months.

What’s the purpose of Polygon 2.0?

Polygon intends to grow to be a community of networks, with its long-term purpose being to assist scale Ethereum. The imaginative and prescient was named Polygon 2.0 and was first laid out a few month in the past.

The crew proposed an ecosystem consisting of a number of Polygon-based chains, bridges, and even the combination of ZK proofs, for enhancing privateness.

The challenge’s co-founder, Mihailo Bjelic, acknowledged that the thought is for Polygon to create a Worth Layer of the Web, just like how the web permits anybody to create and trade info seamlessly. The Worth Layer would, due to this fact, enable anybody to create, trade, and even program worth.

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