• Polygon has announced plans to replace its native MATIC token with POL.
• POL will serve as an instrument of coordination and growth of the Polygon 2.0 ecosystem.
• POL will offer multi-fold utility, including validator staking and governance rights.
Polygon Replacing MATIC with POL
Polygon has announced plans to replace its native MATIC token with POL as part of the Polygon 2.0 upgrade. POL will serve as an instrument of coordination and growth of the Polygon 2.0 ecosystem and the main driver of the project’s vision to become the value layer of the Internet.
Utility Offered by POL
As the driver of coordination and growth of Polygon 2.0, POL will offer multi-fold utility, including validator staking, where members of the Polygon community will be required to stake POL to join the validator pool. Just like other proof-of-stake (PoS)-based cryptocurrencies, validator staking strengthens the security of the network and safeguards it against Sybil attacks.
POL will also offer holders governance rights in the Polygon 2.0 ecosystem, enabling them to participate in key decision making processes within this project amongst other benefits. Moreover, POL will come with an initial supply of 10 billion tokens just like MATIC; however a portion (2%) is set aside annually for validator rewards (1%) and a community treasury (1%).
MATIC Token Upgrade Process
MATIC holders will be able to upgrade their tokens to POL via official links which are yet to be provided by Polygon team upon release date for version 2..
The introduction of POL into Polyon’s network marks a huge milestone which is set to bring about more efficiency in terms of governance structure while strengthening security measures on this platform through incentivization protocols such as validator staking among others .