As Polygon Labs reveals more about the future of its ecosystem, we learn that the MATIC will soon be replaced by a new token called POL. What does this mean?
The MATIC should be replaced by the POL in Polygon 2.0
Polygon Labs has released the tokenomics for its 2.0 release, and the major point to emerge is the arrival of the native POL token, which would replace the MATIC :
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
At this stage, this is only a proposal, and all the elements we are going to develop are still subject to acceptance by the governance.
For example, these are the new features brought by Polygon 2.0, which would justify the creation of a new token:
Today, a group of Polygon founders and researchers published a white paper proposing POL, a technical upgrade to the native assets of the Polygon network. POL is the next generation protocol token, designed to become the primary tool for coordinating and growing the Polygon ecosystem and the primary driver of the value layer vision for the Internet. “
In practice, MATIC holders will be able to exchange them for an equivalent amount of POL when the time comes. Moreover, this migration could begin in the months following the adoption of the project by the governance, and could give investors a period of 4 years or more to bring themselves up to date.
New features for validators
Validators will be able to validate several channels at once, while only storing their POL in one place.
Validators will therefore be free to validate as many blockchains in the Polygon ecosystem as they wish. This obviously includes the current Proof-of-Stake network and the ZK Rollup compatible with the Ethereum Virtual Machine (EVM), but also all the supernets that can be created.
As a reminder, supernets are a kind of parallel network designed to improve Polygon’s scalability for specific use cases, like the Avalanche (AVAX) subnets.
In terms of rewards, validators will receive a share of the transaction fees for the various networks, as well as a share of the new POLs created. In addition, additional incentives may be offered depending on the strategies of each blockchain in the Polygon ecosystem, for example through stablecoins or tokens native to the said networks.
According to this strategy, the MATIC will eventually be completely replaced by the POL. Given the developments of recent years, Polygon can no longer be considered as a simple sidechain of Ethereum (ETH), but as a blockchain ecosystem in its own right.
