Discover how Polygon, the blockchain ecosystem, is offering an upgrade from its native MATIC token to POL as part of its 2.0 update. Explore the features and benefits of the new POL token, which will enable holders to participate in validation and receive rewards across the Polygon ecosystem.
Polygon, the rapidly expanding blockchain ecosystem, recently unveiled an exciting proposal to evolve beyond its native MATIC token. This new version, dubbed POL, promises to be a “hyper-productive” token designed to secure, align and expand the Polygon ecosystem. If the proposal is accepted by the community, MATIC holders will benefit from an upgrade to POL at a ratio of 1:1.
Polygon with a new version?
As with MATIC, POL holders will have the opportunity to become validators and receive rewards. However, the main difference is that POL will be compatible with all channels in the Polygon ecosystem, including the main channel, zkEVM and supernets. Each chain will also have the ability to define multiple roles for validators, with corresponding rewards to match.
This new design aims to secure, coordinate and align the Polygon ecosystem, while accelerating its growth. It also offers virtually unlimited opportunities for POL holders, opening up new horizons for ecosystem participants.
From the user’s point of view, the upgrade process will involve sending MATIC tokens to a specific smart contract, which will automatically return the equivalent amount in POL.
Polygon’s founding team of Mihailo Bjelic, Sandeep Nailwal, Amit Chaudhary and Wenxuan Deng have published a white paper detailing the design of the POL token, offering participants a better understanding of its unique features.
This announcement was enthusiastically received by the community, and the price of the MATIC token recorded a notable rise following this news. Its price climbed by around 5%, reaching around $0.77. It’s worth noting that recently, the MATIC crypto was qualified as a security by the Securities and Exchange Commission (SEC), the US financial regulator.
In addition, Polygon also recently announced organizational changes, with former General Counsel Marc Boiron appointed CEO, while Polygon President Ryan Wyatt steps down. These developments reflect Polygon’s constantly evolving dynamics and its commitment to remaining at the forefront of innovation in the blockchain world.