Polygon (MATIC) Rebrands Its Native Token to POL, Aims to Become More Interconnected System of Layer-2 Solutions

Polygon is set to rebrand its native token from MATIC to POL, with the change taking effect on September 4th. This move is part of a major upgrade aimed at improving the utility and efficiency of the Polygon network.

Polygon (MATIC) is preparing for a crucial rebranding effort that will see its native token transitioning from MATIC to POL. This change, set to take effect on September 4th, is part of a broader upgrade designed to enhance the utility and efficiency of the Polygon network.

Once the rebranding is complete, POL will serve as the primary token for gas fees and staking on the Polygon proof-of-stake (PoS) network. This move aligns with Polygon's vision of becoming a multi-chain ecosystem, where MATIC is used specifically for the original Polygon PoS chain.

Throughout this transition, holders of MATIC on the Polygon network will not be required to take any further action. Their tokens will automatically convert to POL. However, users holding MATIC on Ethereum or centralized exchanges may need to follow specific migration steps to ensure they can continue participating in the upgraded ecosystem.

The rebranding to POL is closely linked to the broader Polygon 2.0 initiative, which aims to evolve the network into a more interconnected system of layer-2 solutions. The new token is designed to support expanded roles within the ecosystem, including governance and participation in various network activities.

Polygon, initially known as Matic Network, was founded in 2017 by Sandeep Nailwal, Jaynti Kanani, Anurag Arjun, and Mihailo Bjelic, all software engineers based in Mumbai. The project aimed to address Ethereum's scalability issues by creating a sidechain that could support decentralized applications (dApps), DeFi smart contracts, and NFTs with lower transaction fees.

The Matic mainnet officially launched on March 30, 2020, and quickly became a popular scaling solution for Ethereum. In early 2021, the Matic team decided to rebrand the project as Polygon to reflect its broader ambitions. The new name signifies its goal of building a comprehensive ecosystem of interconnected blockchains, not just a single sidechain.

Despite the name change, the native token retained the name MATIC, which is used for transaction fees and staking within the network.

Over the years, Polygon has expanded its offerings, incorporating various technologies like zk-rollups and plasma chains, allowing developers to create scalable and efficient applications.

The platform has attracted numerous projects and developers due to its compatibility with Ethereum and its focus on enhancing user experience.

One of the most significant updates to the Polygon network is the AggLayer. AggLayer is designed to improve how different blockchain networks work together and handle large amounts of data. It acts as an Aggregation Layer, making it easier for different Layer 1 and Layer 2 blockchains to communicate and interact smoothly.

The main goal of AggLayer is to combine the strengths of different blockchain setups—like control and scalability—with the benefits of a unified system, such as shared liquidity and a consistent user experience.

It also brings together zero-knowledge (ZK) proofs from connected blockchains, ensuring secure and almost instant cross-chain transactions. AggLayer connects various parts of the Polygon network, including the Polygon PoS Chain, Polygon SDK, Polygon Avail, Polygon Nightfall, and Polygon Zero.

Once the migration from MATIC is completed, all of these advantages will be made available for users and developers on the Polygon network

The above is the detailed content of Polygon (MATIC) Rebrands Its Native Token to POL, Aims to Become More Interconnected System of Layer-2 Solutions. For more information, please follow other related articles on the PHP Chinese website!