Polygon inventor Sandeep Nailwal announced that the upgrade of MATIC to POL will happen very soon. Altcoin founder Nailwal says POL will be a groundbreaking third-generation token in the crypto world.
The founder of the Altcoin project gave the good news!
cryptocoin.com As you follow from , Polygon’s native token, MATIC, is preparing for a transformation. Polygon Labs founder Sandeep Nailwal has hinted at a major technical upgrade that will transform MATIC into POL, which is being touted as a “third generation token.” According to Nailwal’s X post, the upcoming POL evolution represents more than a name change. POL encompasses the appeal of multi-chain staking and developments that reduce the risks traditionally associated with restaking. In this context, altcoin founder Nailwal begins his detailed explanation as follows:
POL is a major technical upgrade for MATIC. POL will provide the benefits of multi-chain staking without the additional risks of restak. With the Polygon 2.0 offering, the Polygon Ecosystem will expand from a single Blockchain to an ecosystem of L2s that can easily interoperate and share…
POL is a massive technical upgrade to MATIC
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 that can easily interoperate and share…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023
What will POL’s functionality be like?
In Polygon 2.0, the newly designed POL will have the opportunity to be staked in a designated ‘staking centre’. This mechanism is called “Enshrined restaking”. This mechanism gives POL the authority to stake on different Blockchains and take on various roles. As a result, stakers will be able to obtain more rewards without increasing the capital they stake.
Sandeep Nailwal also highlights the transformation of tokens over time. In this vein, he compares the passive nature of BTC’s first generation holders to the active staking capabilities offered by ETH in its second generation. With third generation POL, altcoin holders are offered unprecedented versatility by securing multiple networks and adopting a range of roles. One user expressed a serious concern. This concern is based on the problems that will occur due to the transition mechanism. The user who had staked MATIC wanted to understand how the exchange would affect his staked tokens. Nailwal responded by providing more clarity on management approval, hinting at “1/2 click upgrade” from staked MATIC to staked POL.
Current market dynamics for altcoin
Meanwhile, at press time, Polygon’s price is hovering around $0.569232. MATIC witnessed a decline of 4.32% in the last 24 hours. Despite this, the altcoin market cap is over $5.3 billion. Thus, it ranks 14th on CoinMarketCap. Of the maximum supply of 10 billion MATIC coins, approximately 9.3 billion are in circulation. This indicates strong investor confidence and a potential growth trajectory. The evolution from MATIC to POL promises a new chapter of innovation and opportunities. The community is eagerly awaiting more details. It is clear that Polygon is charting a course towards unexplored regions.
