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 significant improve later this yr.
In a brand new weblog put up, Polygon Labs says that beginning on September 4th, MATIC shall be changed by POL because the blockchain’s native gasoline and staking token.
“Because the improve to MATIC, within the preliminary section, POL will develop into the gasoline and staking token of Polygon proof-of-stake (PoS). In subsequent phases, the neighborhood can determine to develop the utility of POL to serve an important function within the AggLayer.”
The AggLayer is a mission by Polygon that goals to unify liquidity.
In keeping with 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 might 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 important token.
“In the long run, the present neighborhood consensus proposes that POL will assist broader roles within 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. Which means each single transaction that takes place on Polygon PoS, beginning 9/4, will use POL because the native gasoline 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 develop 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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