- Polygon founder announced the launch of a new network token, POL.
- POL is set to be a massive technological upgrade compared to MATIC.
- The new token will allow staking across multiple chains without the risks linked with restaking.
On August 28, Polygon founder Sandeep Nailwal announced a huge upgrade, introducing a new token called POL. Nailwal establishes in his tweet that “POL is a massive technical upgrade to MATIC.”
According to Nailwal, POL will eliminate risks associated with restaking while offering the same benefits of multi-chain staking. POL aligns with Polygon’s expansion plans of transforming into an ecosystem of L2s, sharing liquidity among each other instead of staying in a single chain.
POL’s whitepaper highlighted that Polygon 2.0 will feature a constellation of ZK-powered Layer 2 chains, brought together through an innovative cross-chain coordination protocol, accommodating a large number of chains with seamless cross-chain interactions. Nailwal clarified that in Polygon 2.0, individuals stake POL within the staking hub, enabling them to subsequently restake POL for the purpose of validating numerous chains within the network. The founder further explained:
We call this approach ‘enshrined restaking.’ POL can natively be used to stake any number of chains and participate in any number of roles. This lets stakers earn higher rewards with the same staked capital.
Followed by Bitcoin and Ethereum, POL advances as hyperproductive tokens that not only enable validation and rewards across numerous chains but also offer multiple roles and corresponding rewards within each chain, noted Polygon 2.0’s Tokenomics document.
Project managers on crypto Twitter seem excited about Polygon’s shift to the “Value Layer of the Internet.” Emphasizing the evolving dynamics of the crypto ecosystem, a user advised traders to “say goodbye to MATIC,” and embrace POL as the token economics also undergo a shift.
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