MATIC officially changed its name to POL! What are the highlights of the new token POL?

This site (120btC.coM): Polygon, the Ethereum expansion solution, released a new proposal in June last year to upgrade the original main chain Polygon PoS to zkEVM Validium, and proposed a major update to 2.0 every other month. It is proposed to upgrade the native token MATIC to POL to support ecological protocols Polygon PoS, Polygon Supernets and Polygon zkEVM.

Polygon community agreed to upgrade MATIC to POL

On the evening of yesterday (18th), Polygon officially announced on the social platform The upgrade was officially launched on the mainnet on the 4th.

Polygon officials added that they have launched a testnet upgrade on July 17 to identify and fix potential issues.

• At the same time, the official reminder is that for MATIC holders on Polygon PoS, no action is required in this upgrade

• But for users holding MATIC on Ethereum, Polygon zkEVM and exchanges For example, pledgers, delegators and LST holders may need to take action to upgrade MATIC to POL. The specific operation method can be found in the official announcement of Polygon.

What is POL used for?

Regarding this upgrade, Polygon officials stated earlier this month that POL will be the native token and governance token of the next generation of Polygon, with the goal of protecting, coordinating and developing the Polygon ecosystem. POL's utility will span all Polygon protocols, including Polygon PoS, zkEVM, and Supernets: it will allow protocol participants (i.e. roles) to scale to support thousands of Polygon chains without sacrificing security. The redesigned protocol architecture will allow the Polygon network to have unlimited scalability, and users and developers will have a frictionless experience between any protocols in it.

In addition, staking POL in the future can also bring three different rewards, including protocol rewards, transaction fees and additional rewards. In addition to validating multiple chains, validators can also play multiple roles on a single chain, including generating zero-knowledge proofs and participating in the Data Availability Committee. The biggest changes as a validator are the following two points:

• A validator can verify multiple chains.

• Each chain can provide multiple roles (and corresponding rewards) for validators.

Polygon emphasized in this upgrade announcement that in the initial stage of upgrading MATIC to POL, POL will replace MATIC as the native Gas and pledge token of Polygon PoS; and in the subsequent stage, POL will focus on Polygon’s AggLayer, the core component of Polygon 2.0, plays a key role in blockchain interoperability.

MATIC fell 5.94% in the past 24 hours

However, after Polygon released the token upgrade announcement, the performance of its token MATIC in the past 24 hours was not ideal. Overall, it still followed the decline of Bitcoin. At the moment of writing It was quoted at $0.514, down 5.94%.

On the other hand, MATIC faced heavy regulatory blows from the US SEC as early as mid-June last year and was classified as a security by the SEC many times, causing the price to collapse at that time. Although the official response stated that Polygon was developed and deployed outside the United States, it is still unknown whether MATIC can escape the pressure of U.S. regulatory agencies after it is upgraded to POL.

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