Polygon Labs Introduces POL Token as a Game-Changer for the Polygon Ecosystem
Polygon Labs, the creators of the Polygon blockchain network, have unveiled a new third-generation token, POL, which could potentially replace MATIC as the native cryptocurrency.
Experts are hailing POL as a “hyperproductive” digital currency with the capability to validate multiple blockchains, providing validators the opportunity to earn rewards from staking and other Polygon chains. The white paper released by Polygon founders and researchers outlines POL’s role in fostering growth and collaboration within the Polygon ecosystem. Polygon Labs expects the supply of POL to match MATIC’s 10 billion, enabling users to exchange MATIC for POL at a 1:1 ratio through a straightforward upgrade process.
Additionally, Polygon Labs plans to issue regular POL emissions to finance a community treasury for various protocol development, research, grants, and adoption incentives. Polygon Labs will give MATIC holders a suggested time frame of four years or more to exchange their tokens for POL, with the transition potentially commencing in the coming months if the community embraces the proposal.
Clever Robot News Desk 19th July 2023
