Polygon Labs founder Sandeep Nailwal says Polygon’s (MATIC) upcoming upgrade will transform its native asset into a “third-generation token.”
The Polygon community is currently mulling a technical proposal that would upgrade the project’s native MATIC token and rename it to POL.
The proposal is part of the network’s transition to Polygon 2.0, which aims to establish the project as the “value layer of the internet.”
Explains Nailwal on the social media platform X,
“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 (layer-2s) that can easily interoperate and share liquidity with each other.”
Nailwal says users will be able to re-stake the POL token to validate any number of chains on the network, an improvement he calls “enshrined staking.”
“POL is an innovation on restaking in two dimensions:
1) Enshrined restaking fully avoids reliance on trusted 3rd parties, creating fewer vectors of centralization
2) POL can be used for more than just securing chains; it can also secure Agg (aggregation) layer, DACs (decentralized autonomous corporations), and more
POL is designed from the ground up to be the first hyperproductive token — a third generation in token design.
- Generation 1: BTC (no way for the holder to participate in securing the network)
- Generation 2: ETH (holders can stake to secure the network)
- Generation 3: POL (holders can secure multiple networks and can play multiple roles)”
POL and MATIC will not co-exist if the proposed technical upgrade gets approved and implemented. MATIC holders will have their tokens upgraded at a 1:1 ratio.
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