Polygon’s native MATIC token has now transitioned to the Polygon Ecosystem Token (POL) on a one-to-one foundation.
As of September 4, POL has taken over as the first fuel and staking token, driving a brand new section of enhanced performance and utility.
The change to POL comes after greater than a 12 months of neighborhood deliberation and consensus constructing, and it represents a key part of the community’s ambitions with the Polygon 2.0 improve.
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Polygon Labs CEO Marc Boiron defined that this improve introduces 2% emissions, which supplies the neighborhood an opportunity to take part within the community. Whereas the migration is not totally full, the primary season of the neighborhood grants program has already allowed the neighborhood to learn from a few of these emissions.
In distinction to its predecessor, MATIC, which solely generated charges from fuel and staking, POL may also earn income from different actions, reminiscent of securing knowledge availability and decentralizing a sequencer. These further fee-earning alternatives are anticipated to proceed increasing, making POL a extremely versatile asset. Boiron remarked:
POL goes one step additional, and because it will get form of embedded within the various things within the Polygon Community, it turns into hyperproductive within the sense that it might probably really earn charges from a number of completely different sources.
This “hyperproductive” performance distinguishes POL from different tokens, together with Ethereum’s Ether (ETH), which solely generates charges from transaction fuel.
One other key characteristic of POL is its integration into Polygon’s aggregation layer (AggLayer), designed to perform equally to a cross-chain interoperability protocol, facilitating connections between in any other case remoted blockchains.
Polygon assured that for MATIC holders, the transition to POL shall be seamless. There isn’t any set deadline for customers to transform their MATIC tokens, and any staked MATIC will routinely be migrated to POL with out requiring further steps from token holders.
Polygon’s token at the moment ranks because the Twenty seventh-largest cryptocurrency, with a market capitalization of over $3.6 billion.
General, the improve from MATIC to POL represents a leap ahead in each utility and neighborhood involvement, aligning with Polygon’s long-term imaginative and prescient.
In different information, Astar Community launched Astar zxEVM in March this 12 months, turning into the primary Layer-2 chain to combine with Polygon’s AggLayer.
Gode is a Web3 Market Analyst who researches crucial trade occasions and interprets how they have an effect on the broader Web3 area. Her formal schooling in media tradition & digital rhetoric permits her to make use of a methodical method to evaluating crucial Web3 information knowledge, together with large-scale occasions and the broader social sentiment inside the ecosystem.Gode is a mutilingual skilled, having studied in a number of universities all throughout Europe. This enables her to have a one-of-a-kind alternative to research Web3 social sentiments spanning completely different cultures and languages and, in flip, develop a a lot deeper understanding of how the Web3 area is rising inside completely different communities. With the remainder of her crew, Gode works to determine essential crypto information patterns and supply unbiased and data-driven info.Gode’s passions embody working and speaking with folks, and when she’s not researching Web3 information, she spends her time touring and watching true crime documentaries.
