Polygon Labs Announces MATIC Token Will Officially Rebrand to POL in September Amid Massive Technical Upgrade
The event crew behind layer-2 scaling resolution Polygon (MATIC) says they are going to be formally renaming the ecosystem’s native asset to POL after the community goes via a serious improve later this 12 months.
In a brand new blog post, Polygon Labs says that beginning on September 4th, MATIC will likely be changed by POL because the blockchain’s native fuel and staking token.
“As the upgrade to MATIC, in the initial phase, POL will become the gas and staking token of Polygon proof-of-stake (PoS). In subsequent phases, the community can decide to expand the utility of POL to serve a crucial role in the AggLayer.”
The AggLayer is a challenge by Polygon that aims to unify liquidity.
In accordance to Polygon Labs, holders of MATIC on the Polygon community could have to take no motion. Nevertheless, customers who maintain the token on Ethereum (ETH), Polygon’s Ethereum Digital Machine and in centralized exchanges could have to undergo a migration course of.
The builders go on to element POL’s long-term and short-term potential because the ecosystem’s predominant token.
“In the long run, the present group consensus proposes that POL will help broader roles in the Polygon staking hub (to be launched in 2025), together with block era, zero-knowledge proof era, and participation in Information Availability Committees (DACs)…
Following [the proposal], consensus was reached that Polygon PoS validators should stake POL to earn protocol rewards and transaction charges in POL. Meaning each single transaction that takes place on Polygon PoS, beginning 9/4, will use POL because the native fuel token. That’s the short-term utility.”
The token rebrand was first proposed final July as a way of supercharging the expansion of the community. Weeks later, Polygon Labs founder Sandeep Nailwal defined that the proposal was part of the blockchain’s transition to Polygon 2.0.
As acknowledged by Nailwal on the time,
“POL delivers the benefits of multi-chain staking without the added risks of restaking. With the Polygon 2.0 proposal, the Polygon ecosystem will expand from a single chain to an ecosystem of L2s (layer-2s) that can easily interoperate and share liquidity with each other.”
MATIC is buying and selling for $0.531 at time of writing, a 3.5% improve over the past 24 hours.
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