The event group 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 by means of a serious improve later this 12 months.
In a brand new weblog put up, Polygon Labs says that beginning on September 4th, MATIC might be changed by POL because the blockchain’s native fuel and staking token.
“Because the improve to MATIC, within the preliminary part, POL will turn into the fuel and staking token of Polygon proof-of-stake (PoS). In subsequent phases, the group can resolve to increase the utility of POL to serve an important function within the AggLayer.”
The AggLayer is a challenge by Polygon that goals to unify liquidity.
Based on Polygon Labs, holders of MATIC on the Polygon community should take no motion. Nevertheless, customers who maintain the token on Ethereum (ETH), Polygon’s Ethereum Digital Machine and in centralized exchanges could need to undergo a migration course of.
The builders go on to element POL’s long-term and short-term potential because the ecosystem’s major token.
“In the long run, the present group consensus proposes that POL will help broader roles within the Polygon staking hub (to be launched in 2025), together with block era, zero-knowledge proof era, and participation in Knowledge 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 said by Nailwal on the time,
“POL delivers the advantages of multi-chain staking with out the added dangers of restaking. With the Polygon 2.0 proposal, the Polygon ecosystem will increase from a single chain to an ecosystem of L2s (layer-2s) that may simply interoperate and share liquidity with one another.”
MATIC is buying and selling for $0.531 at time of writing, a 3.5% improve over the last 24 hours.
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