Will MATIC Become POL? New Polygon Proposal Sets Ambitious 2.0 Roadmap
Prominent Ethereum scaling solution – Polygon – has unveiled a new proposal that seeks to switch the network’s MATIC token with POL. The transition is part of its recently released Polygon 2.0 roadmap.
According to the official announcement, a group of founders and researchers of the Polygon ecosystem has published a white paper proposing POL, a technical upgrade of the native asset of the network. Dubbed “the 3rd-generation protocol token,” the team behind the proposal said that POL is designed to become the major tool for the coordination and growth of the ecosystem.
- With a freshly redesigned system architecture, POL seeks to introduce hyperproductive tokens while allowing its holders to become validators and receive rewards.
- More importantly, POL will enable validators to validate as many chains as they want.
- Another “game-changing improvement” incorporated in the proposal is that every chain can offer multiple roles (and corresponding rewards) to validators.
- The utility of POL centers on validators, with a focus on aligning and incentivizing them to perform useful work, Polygon Labs said in a statement.
- POL’s utility will encompass all the protocols tied to the scaling solution, which includes Polygon PoS, zkEVM, and Supernets.
- Following the approval of the proposal, POL staking is expected to pave the way for three incentive streams – protocol rewards, transaction fees, and additional rewards.
- The development comes a month after the United States Securities and Exchange Commission (SEC) claimed that MATIC is unregistered security.
- However, Polygon Labs said that the latest proposal is not in response to the recent events in the regulatory environment globally and added,
“Ever since Matic Network expanded its vision and got rebranded to Polygon, it has been publicly discussed and understood that the native token should eventually be upgraded as well. This specific proposal has been worked on for almost a year.”
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