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Polygon has officially announced that it will transition to POL from the MATIC token starting September 4; POL will become the native staking and gas token for the PoS network. In later phases, POL will have a more significant role in the AggLayer, including in block generation and participation in committees, subject to the community’s decision. It’s almost here! The Polygon network’s long-awaited transition from MATIC to POL is set to take place on September 4, ushering in a new era of a community-driven token whose applications are more diverse and robust. Here is what you need to know: Let’s start with some background: MATIC has been the native token of the Polygon network since it launched in 2020. However, the network is undergoing a redesign under the Polygon 2.0 roadmap, as we have reported previously. As part of the tokenomics of the redesigned protocol, the developer team is phasing MATIC out and replacing it with POL. POL is defined as a third-generation token—Bitcoin’s unproductive BTC token was the first generation, while Ethereum’s productive ETH token was the second. POL, as a third-gen token, is ‘hyperproductive.’ This means that while it takes on all the features of productive tokens, POL allows owners to validate multiple chains, and every chain can offer these validators multiple roles within the ecosystem. Among the new token’s cited benefits is infinite scalability for any number of Polygon chains without having to sacrifice security. POL will be more decentralized, enhancing security and resilience, while its feature of multiple chains for one token incentivizes validators to be more active and reduces friction. What Will Change for Polygon? For starters, beginning September 4, every single transaction on the Polygon network will use POL as the gas token. The network’s validators will also have to stake POL to earn…

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Filed under: News - @ August 20, 2024 12:06 am