July 13, 2023

Polygon 2.0 Unveils New Token Proposal: POL

Published: July 13, 2023 at 6:34 am Updated: July 13, 2023 at 6:36 am

Edited and fact-checked: July 13, 2023 at 6:34 am

In Brief

Polygon 2.0 has unveiled a new proposal for a “hyperproductive” token, POL, that would replace MATIC on a 1:1 ratio, offering enhanced roles for validators across multiple chains.

In the evolving world of blockchain technology, Polygon 2.0 unveiled its latest technical proposal today: POL, the new token designed to secure, expand, and bring alignment to the Polygon ecosystem.

Polygon 2.0 Unveils New Token Proposal: POL

Polygon envisions POL as the next generation of native tokens, with the aim to replace the current MATIC token if the community agrees to adopt it. If approved, MATIC holders will have their tokens replaced with POL on a 1:1 ratio, eliminating the chance of two native tokens coexisting in the Polygon network.

Polygon has drawn comparisons between POL and the native tokens of other significant blockchain networks. While Bitcoin’s BTC has enjoyed considerable success, people view it as an unproductive token because its holders cannot participate in the protocol and earn rewards. Ethereum’s ETH, however, is a productive token, allowing holders to become validators of the Ethereum blockchain and earn ETH rewards and fees in return.

1/ Today, the next technical proposal of Polygon 2.0 is unveiled:

POL, the upgraded token of the Polygon protocol! 💫

POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.

Watch the video to get an idea how cool it is, then 🧵 pic.twitter.com/Gn7KcHpWEY
— Polygon (Labs) (@0xPolygonLabs) July 13, 2023

Polygon presents POL

In this context, Polygon presents POL as the third generation of native tokens. Dubbed a “hyperproductive” token, POL brings further engagement opportunities for its holders. With POL, holders can become validators and receive rewards, similar to Ethereum’s ETH. Polygon has made two key changes. Validators can validate many chains. Each chain offers validators more roles.

More features will be revealed. This is just the start of POL’s design. The community is asked to read the blog and whitepaper.

Polygon’s news highlights the growth in blockchain tech. It shows the ongoing effort to refine these sectors. As always, the success of the new token will depend on community adoption and integration into the broader blockchain ecosystem.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti