Polygon proposes POL as successor to MATIC

Polygon wishes to offer a new version of its native token MATIC as part of its update 2.0. Named POLthe digital part can be staked on the different channels of its ecosystem.

This Thursday, Polygon Labs has unveiled a proposal to “upgrade MATIC towards a new “token hyperproductive “and named POL.

POL is the next-generation native token, designed to secure, align and expand the Polygon ecosystem. If the community reaches consensus to adopt it, MATIC holders will see their tokens upgraded to POL in a 1:1″ ratio, the publisher of the popular layer2 announced.

As with MATICtoken holders can become validators and receive rewards. But POL will also be compatible with all channels ecosystem Polygoneither the main chain, zkEVM or the supernets. In addition, each chain can give several roles – and distribute the corresponding rewards – to validators.

This new design secures, coordinates and aligns the Polygon ecosystem and accelerates its growth, while offering virtually unlimited opportunities for POL holders,” reads the announcement.

Side userMATIC holders will have to send their tokens to a smart upgrade contractwhich automatically returns the equivalent amount in POL.

Four members of Polygon’s founding team, Mihailo Bjelic, Sandeep NailwalAmit Chaudhary and Wenxuan Deng, have published the POL which goes into more detail on the design of the digital part.

In June, the startup lifted the veil on ” Polygon 2.0 “A major update featuring new architecture, tokenomics and governance.

Following the introduction of POL on Thursday, the MATIC course recorded a significant rise. Its price climbed by around 5% in the wake of the announcement to around 0.77 dollars. The cryptocurrency was recently classified as a security by US regulator SEC.

Earlier this month, Polygon appointed its general counsel Marc Boiron as CEO. The chairman of layer2 Ryan Wyatt steps down.

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