Polygon Unveils Token Upgrade

Polygon Unveils Token Upgrade

Polygon proposed $POL, a new native token for the Polygon 2.0 ecosystem, which is set to replace MATIC in a 1:1 ratio, as part of its ongoing 2.0 launch. 

The Deets

  • POL: An upgrade to the existing MATIC token
  • Dual role: Validators can validate multiple chains and perform multiple roles
  • Community consensus: Implementation depends on the Polygon community's agreement
  • Hyper-productive token: POL holders can earn rewards as validators

The Bulk

Polygon takes a step forward with its technical proposal for the upgrade of its native token, from MATIC to POL. POL is poised to be a token that would secure, align, and grow the Polygon ecosystem, providing a new level of functionality and value to token holders.

According to Polygon's announcement, the proposed POL token will be a hyper-productive asset. Not only will POL holders have the ability to validate transactions and earn rewards, but they will also have the ability to validate multiple chains and assume multiple roles within the ecosystem, extending the functionality beyond what we've seen with other blockchain tokens like Bitcoin's, BTC and Ethereum's, ETH.

It's important to note that this proposal is currently contingent upon community consensus. If the community agrees, MATIC holders will see their tokens automatically upgraded to POL in a 1:1 ratio, eliminating the possibility of two native tokens existing simultaneously within the ecosystem.

📊 By the Numbers

As of 2022, Polygon supported more than 3,000 decentralized applications and had a daily transaction volume exceeding 6 million transactions, highlighting the potential scale of impact the POL upgrade could have on the ecosystem.

🔜 What's Next?

Polygon's community now needs to reach consensus on the adoption of the POL token. Stay tuned for further developments and consider taking part in the consensus process if you're a MATIC holder.

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