Polygon developers want to replace MATIC token with POL

The developers of the solution for scaling the Ethereum network Polygon proposed to issue a multi-purpose coin POL, which should be a replacement for MATIC.

The development team said that the MATIC update can be done as part of the Polygon 2.0 roadmap, but must first be approved by the Polygon community. The developers have called POL a “third-generation protocol crypto asset” because it can become the main tool for the development of the Polygon ecosystem.

The application of POL will be extended to all Polygon protocols, including Polygon PoS, zkEVM and Supernets. Holders of the updated crypto asset will be able to become validators and receive rewards, with POL allowing validators to validate as many chains as they want. POL staking implies several types of rewards for validators: transaction fees, protocol fees, additional rewards. In addition to validating multiple chains, validators will be able to perform multiple roles on a single chain, including creating zero-knowledge proofs and participating in data accessibility committees.

The developers said that updating MATIC to POL will require a simple technical action – send MATIC to the update smart contract, which will automatically return the equivalent amount of POL. The owners of cryptoassets will have enough time to upgrade, for example, four years or more, the developers assure. If the community reaches consensus on this proposal, then the migration could begin within the next few months.

Polygon Labs clarifies that the offer is not related to the recent friction between US regulators and crypto companies. In lawsuits against major cryptocurrency exchanges Binance and Coinbase, the US Securities and Exchange Commission (SEC) has called MATIC an unregistered security. However, Polygon Labs stated that the company has never targeted only the US market.

Source: bitcoinlinux.com