Polygon to interchange MATIC with POL token 

Crypto.information – Polygon has introduced plans to interchange its native MATIC token with POL as a part of the Polygon 2.0 improve.

POL will function an instrument of coordination and development of the Polygon 2.0 ecosystem and the principle driver of the venture’s imaginative and prescient to turn into the worth layer of the Web.

Polygon unveils POL

Having lately introduced the gradual rollout of its community improve dubbed Polygon 2.0, the Sandeep Nailwal-led layer-2 scaling community is now set to interchange its native MATIC token with POL as a part of its transition course of.

In line with a whitepaper launched by the crew, POL will likely be on the coronary heart of Polygon 2.0, functioning as the driving force of development and coordination.

The crew says the creation of POL was impressed by its imaginative and prescient to turn into a “Worth Layer of the Web,” the place worth could be created and exchanged seamlessly throughout the globe the identical means info is exchanged in the present day.

POL to supply multi-fold utility

As the driving force of coordination and development of Polygon 2.0, POL will supply multi-fold utility, together with validator staking, the place members of the Polygon group will likely be required to stake POL to hitch the validator pool.

Identical to different proof-of-stake (PoS)-based cryptocurrencies, validator staking strengthens the safety of the community and safeguards it in opposition to Sybil assaults.

POL can even supply holders governance rights within the Polygon 2.0 ecosystem, enabling them to take part in the important thing decision-making processes of the venture, amongst different advantages. Furthermore, POL will include an preliminary provide of 10 billion, similar to MATIC.

Nonetheless, the crew has made it clear that 2% of your entire POL provide will likely be put aside yearly for validator rewards (1%) and group treasury (1%). MATIC holders will have the ability to improve their tokens to POL by way of official hyperlinks to be supplied by the Polygon crew.

This text was initially revealed on Crypto.information