Polygon Labs Unveils ‘Hyperproductive’ Token POL, Poised to Replace MATIC and Boost Ecosystem Rewards

Polygon Labs, the workforce behind the Polygon blockchain community, has launched a third-generation token that would exchange the native cryptocurrency, MATIC, with a “hyperproductive” digital foreign money named POL. If the POL idea beneficial properties approval, validators can earn rewards from staking and in addition accumulate rewards from a number of Polygon chains.

Polygon Labs Introduces Next-Gen Crypto With POL, a Potential MATIC Successor

Polygon Labs introduced a multipurpose token named POL on July 13, 2023, following the discharge of a white paper on the topic by a gaggle of Polygon founders and researchers. The white paper outlines POL’s function as a possible successor to MATIC, changing into an important device in fostering development and collaboration inside the Polygon ecosystem. One vital benefit of POL is that stakers may have the chance to build up rewards in POL in addition to from different Polygon-centric networks.

Described as a “hyperproductive” digital foreign money, POL has the potential to validate quite a few blockchains, based on a weblog put up by Polygon Labs on POL’s tokenomics. “To attract more validators, some Polygon chains can choose to introduce additional rewards,” the put up explains. “These rewards can be in any token, including but not limited to POL, stablecoins or native tokens of those Polygon chains.” Should it obtain approval, POL’s provide is poised to match MATIC’s 10 billion, and customers can trade MATIC for POL at a 1:1 ratio.

Polygon Labs states:

The improve from MATIC to POL would require a easy technical motion – sending MATIC to the improve good contract, which is able to routinely return the equal quantity of POL.

Furthermore, the workforce introduced common POL emissions as a method to finance a group treasury, the aim of which is to encourage protocol growth, promote protocol analysis, distribute ecosystem grants, and foster adoption incentives. “The community treasury should be governed by the Polygon community, via an agreed upon governance process,” the weblog put up elaborates.

MATIC holders will likely be accorded a time-frame to trade MATIC for POL, with Polygon Labs recommending a interval of 4 years or extra. Wrapping up, the workforce indicated that the transition might begin inside a number of months if the group endorses this proposal

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