Polygon\u2019s native token, MATIC, is poised for a transformation. Sandeep Nailwal, the founder of Polygon Labs, has hinted at a significant technical upgrade that would evolve MATIC into POL, touted as a \u201cthird-generation token.\u201d<\/span><\/p>\n According to Nailwal\u2019s X platform post, the imminent POL evolution represents more than a name change. POL encapsulates advancements that offer the allure of multi-chain staking minus the risks traditionally associated with restaking.\u00a0<\/span><\/p>\n <\/p>\n POL is a massive technical upgrade to MATIC<\/p>\n POL delivers the benefits of multi-chain staking without the added risks of restaking. With the Polygon 2.0 proposal, the Polygon Ecosystem will expand from a single chain to an ecosystem of L2s that can easily interoperate and share\u2026<\/p>\n \u2014 Sandeep Nailwal | sandeep. polygon \ud83d\udc9c (@sandeepnailwal) August 28, 2023<\/a><\/p>\n <\/p>\n<\/blockquote>\n \u00a0<\/p>\n As Polygon 2.0 unfolds, the platform would burgeon from a single chain to an entire ecosystem of interoperable L2s, which can seamlessly share liquidity among themselves.<\/span><\/p>\n In <\/span>Polygon 2.0<\/span>, the introduction of the newly devised POL<\/a> will see it staked in a designated \u2018staking hub.\u2019 This mechanism, termed \u201censhrined restaking,\u201d empowers POL to stake across diverse chains and take on varied roles. As a result, stakers could reap enhanced rewards without increasing their staked capital.\u00a0<\/span><\/p>\n <\/p>\n Highlighting the transformation of tokens over time, Nailwal compared the passive nature of BTC\u2019s first-generation holders with the active staking capabilities ETH introduced in the second generation. With the third-generation <\/span>POL<\/span>, holders are presented with unprecedented versatility, securing multiple networks and embracing a spectrum of roles.<\/span><\/p>\n A pressing concern raised by a user revolved around the transition mechanism. The user, who had staked MATIC, was keen on understanding how the shift would impact their staked tokens. Nailwal responded by hinting at a streamlined \u201c1\/2 click upgrade\u201d from staked MATIC to staked POL, assuring more clarity on the governance approval.<\/span><\/p>\n As of now, Polygon\u2019s valuation hovers at <\/span>$0.569232<\/span> per token. Despite witnessing a slight 4.32% dip in the past 24 hours, its market cap stands robust at over $5.3 billion, ranking 14th on CoinMarketCap. Out of a maximum supply of 10 billion MATIC coins, around 9.3 billion are circulating, signaling strong investor trust and a potential growth trajectory.<\/span><\/p>\n The evolution from MATIC to POL promises a fresh chapter of innovation and opportunities. As the community eagerly awaits more details, it\u2019s evident that Polygon is charting a course toward uncharted territories.<\/span><\/p>\n <\/p>\n <\/p>\n Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114<\/a> and reach out to him at sunil (at) coingape.com <\/p><\/div>\n<\/p><\/div>\n\n
The Functionality of POL<\/b><\/h2>\n
Current Market Dynamics<\/b><\/h2>\n
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