Polygon’s development team (MATIC() announced that the native asset for the ecosystem will officially become POL once the network undergoes a major update later this year.
It’s a brand new world blog postPolygon Labs announced on Monday that POL will replace MATIC as the native token for blockchain gas and staking.
“As the upgrade to MATIC, in the initial phase, POL will become the gas and staking token of Polygon proof-of-stake (PoS). In subsequent phases, the community can decide to expand the utility of POL to serve a crucial role in the AggLayer.”
AggLayer by Polygon is an innovative project that combines a variety of technologies. aims Unify your liquidity.
Polygon Labs says that MATIC holders on the Polygon network need not take any action. Users who own the MATIC token on Ethereum will not be affected.ETHIt is possible that the Ethereum Virtual Machine of Polygon and centralized exchanges will have to undergo a migration.
They then go on the explain POL’s potential, both short-term and long-term as an ecosystem token.
“In the long term, the current community consensus proposes that POL will support broader roles in the Polygon staking hub (to be released in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs)…
Follow us on Instagram [the proposal]It was agreed that Polygon PoS validaters must stake POL in order to receive protocol rewards and transaction fee payments. This means that starting on 9/4 every transaction made through Polygon PoS will be using POL to represent the native token. This is the short-term value.”
First, the token was rebranded. proposed In July last year, Polygon Labs founder Sandeep Nailwal announced that he was launching a network booster to accelerate the growth. Sandeep Nailwal, founder of Polygon Labs, was arrested a few weeks later. explained This proposal formed part of Polygon 2.0, the next step in the transition from the original blockchain.
Nailwal said at that time.
“POL delivers the benefits of multi-chain staking without the added risks of restaking. With the Polygon 2.0 proposal, the Polygon ecosystem will expand from a single chain to an ecosystem of L2s (layer-2s) that can easily interoperate and share liquidity with each other.”
MATIC was trading at $0.531 as of the time this article is written, an increase of 3.5% in just 24 hours.
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