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Polygon Plans to Transform Its Network with Multichain Token POL

Polygon Proposes Multichain Token POL to Revolutionize Its Network

Jul 13, 2023
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Polygon proposes to replace its native token MATIC with POL, a new coin that would enable cross-chain coordination and validation across its layer 2 networks.

Ethereum scaling network Polygon has announced a major upgrade to its protocol that would introduce a new token and a new architecture for its layer 2 ecosystem. The upgrade, called Polygon 2.0, aims to create a unified network of multiple chains powered by zero-knowledge (ZK) proofs, a cutting-edge blockchain technology that enables fast and secure verification of transactions.

Polygon 2.0 would use a novel cross-chain coordination protocol that would allow users to seamlessly interact with different Polygon chains as if they were using a single chain. To achieve this, Polygon researchers have proposed to create a new token, POL, that would replace MATIC, the current native token of the network. POL would serve as a universal token for all Polygon-based networks, including the main Polygon chain, the Polygon zkEVM network, and several other supernets.

POL would also offer multichain validation functionality and reward holders for contributing as validators. Validators would be able to support the operation of multiple blockchains using a single token, and chains would be able to offer multiple roles and rewards to validators. "POL is the 3rd generation of native assets – a hyperproductive token. Holders can become validators and receive rewards but with two major improvements – Validators can validate MULTIPLE CHAIN and Chains can offer MULTIPLE ROLES (and corresponding rewards) to validators," Polygon researchers wrote in the POL whitepaper.

POL is envisioned to become an instrumental tool for coordination and growth of the Polygon ecosystem and the main driver of the vision of Polygon as the Value Layer for the Internet. The new token could launch within the next few months if the community approves the plan and gives the go-ahead. MATIC holders will have at least four years to swap their old tokens for the new POL coin at a 1:1 ratio. No changes to token supply or tokenomics were shared by the team.

The proposal for a new token comes about a month after Polygon revealed its plans to overhaul its ecosystem and create a symbiotic network of multiple chains – an effort dubbed Polygon 2.0. According to the team behind the project, the 2.0 version would set up a future path for its proof-of-stake (PoS) chain and bring further utility to MATIC, which was recently delisted from several trading platforms.

cool.svg cool_white.svg COOL!
notbad.svg notbad_white.svg NOT BAD!
notcool.svg notcool_white.svg NOT COOL!