Polygon Labs Unveils 'Hyperproductive' Token: POL to Replace MATIC

Polygon Labs Unveils 'Hyperproductive' Token: POL to Replace MATIC

Polygon Labs, the innovative force behind the Polygon blockchain network, has unveiled POL, a next-generation token designed to potentially replace the current native cryptocurrency, MATIC. POL, the "hyperproductive" digital currency, could revolutionize the ecosystem by empowering validators with rewards and facilitating collaboration across multiple Polygon chains.

Next-Gen Crypto POL Emerges as a Potential Successor to MATIC

The Polygon Labs has unveiled a "hyperproductive" token named POL on July 13, 2023, following the release of a white paper authored by Polygon founders and researchers. POL's purpose as a potential successor to MATIC is highlighted in the white paper, emphasizing its pivotal role in fostering growth, collaboration, and seamless interactions within the thriving Polygon ecosystem. An intriguing aspect of POL is its ability to allow stakers to accumulate rewards not only in POL but also from other Polygon-centric networks.

The blog post by Polygon Labs describes POL as a "hyperproductive" digital currency with the unique capability to validate multiple blockchains. To attract more validators, Polygon chains have the flexibility to introduce additional rewards, which can be in the form of various tokens, including POL, stablecoins, or native tokens specific to those Polygon chains. If approved, POL's supply is set to match MATIC's 10 billion tokens, and users will have the opportunity to exchange MATIC for POL at a 1:1 ratio.

Polygon Labs Outlines Seamless Process from MATIC to POL 

Polygon Labs has outlined a seamless transition process from MATIC to POL, which involves a straightforward technical action of sending MATIC to the upgrade smart contract. An equivalent amount of POL will be automatically provided in return, thereby simplifying the migration process for users.

"The upgrade from MATIC to POL would require a simple technical action: sending MATIC to the upgrade smart contract, which will automatically return the equivalent amount of POL."

The Polygon Labs team has also launched a plan for regular emissions of POL to finance a community treasury. This treasury will play a crucial role in supporting protocol development, conducting protocol research, distributing ecosystem grants, and driving adoption incentives. The governance of the community treasury will be entrusted to the Polygon community, utilizing an agreed-upon governance process to ensure community involvement and decision-making.

The blog post describes:

“The community treasury should be governed by the Polygon community via an agreed-upon governance process.”

All MATIC holders will be given a designated time frame to exchange their tokens for POL, with Polygon Labs recommending a minimum period of four years for a smooth transition. The team is optimistic that with the endorsement and support of the community, the transition process could commence within a few months, marking an exciting milestone in Polygon's evolution.

What is your take on Polygon's proposal to revamp MATIC with POL? Please share your thoughts and opinions in the comments section below.