03 Sep What’s Polygon Ecosystem Token (POL)?
The Polygon ecosystem is on the cusp of a major transformation with a proposal to transition its native token from MATIC to POL. This proposed change goals to reinforce the utility and performance inside the community. POL, poised to change into the upgraded native token of the Polygon ecosystem, is designed to facilitate a broad spectrum of actions central to community operations, together with participation and bolstering community safety. As an integral a part of the ecosystem, POL will enable stakeholders to actively have interaction as validators via staking, thereby contributing to the general well being and safety of the community.
The POL token, mirroring a lot of MATIC’s traits, will probably be primarily based on OpenZeppelin’s ERC20 implementations and can assist EIP-2612 for signature-based allow approvals. This transition is deliberate to be seamless, guaranteeing compatibility and continuity for node operators, delegators, and software builders inside the Polygon ecosystem. The preliminary provide of POL tokens is ready to be 10 billion, sustaining a 1:1 ratio with the present provide of MATIC, symbolising a direct improve moderately than the introduction of a wholly new token.
Polygon Ecosystem Token (POL)
Blockchain data present that the “Polygon Ecosystem Token,” generally known as POL, was established on October 25, 2023 at 9:06 am UTC. The Polygon staff’s latest announcement highlighted POL’s function in energising an in depth community of Layer 2 chains primarily based on zero-knowledge expertise. A notable characteristic of POL is its “re-staking protocol,” which affords token holders the flexibleness to stake throughout a number of chains, enabling numerous functionalities.
The introduction of POL marks a major step within the development of the Polygon 2.0 roadmap. This consists of the event of a brand new staking layer inside the Polygon ecosystem, transitioning the present PoS community to a zkEVM Layer-2 construction, and establishing a unified liquidity protocol that spans all Polygon networks, as per the staff’s assertion.
You will need to observe, because the staff clarified, that POL is just not but in operational use inside the Polygon community, however it’s set emigrate on September 4th, 2024. The present staking processes on Polygon PoS and Polygon zkEVM are nonetheless performed with the unique token, MATIC, which can be nonetheless getting used to pay gasoline charges on the PoS community. As soon as the migration takes place on September 4th, customers and exchanges might want to swap their MATIC to POL tokens.
Polygon Labs initially unveiled plans for growing this new Layer-2 ecosystem, termed “Polygon 2.0,” on June 29, 2023. Subsequently, on September 14th, 2023 the introduction of a brand new token, POL, for Polygon 2.0 was introduced. Nevertheless, at the moment, POL was merely a proposed thought and had not but been launched on the Ethereum community.
How will Polygon Work after the Polygon Ecosystem Token Improve?
The Polygon Ecosystem Token (POL) is ready to deliver a number of vital enhancements to the Polygon community, aligning with a collection of well-defined design targets.
In the beginning, POL goals to bolster ecosystem safety. It’s designed to create a big, decentralised pool of validators to run and safe any Polygon chain, rewarding validators for his or her contributions and penalising any malicious actions. Secondly, POL is integral to attaining infinite scalability inside the Polygon ecosystem. It helps the enlargement of the validator pool, enabling the community to doubtlessly handle 1000’s of Polygon chains, an important step in direction of what’s termed as “hyperblockchainization.”
When it comes to ecosystem assist, POL is predicted to play an important function in establishing a self-sustaining financial mannequin for Polygon’s ongoing improvement and progress. This facet is especially necessary as Polygon positions itself as a world community, requiring steady innovation and enlargement.
POL can be designed to minimise friction generally related to blockchain networks, the place customers and builders usually want to carry, stake, or eat native tokens. This strategy goals to reinforce the general person and developer expertise. Lastly, POL is envisioned to facilitate group possession, with governance rights assigned to POL holders, enabling them to take part actively in decision-making processes that form the Polygon ecosystem.
From a utility perspective, POL serves a number of capabilities. Validators will probably be required to stake POL to hitch the validator pool, growing the ecosystem’s safety via mechanisms like stopping Sybil assaults and enabling slashing for malicious validators. To incentivize validators, POL will probably be distributed as protocol rewards, proportional to the quantity staked.
Moreover, POL will probably be a key part in governance, permitting holders to take part within the governance frameworks of Polygon. The preliminary provide of POL is ready to match that of MATIC at 10 billion tokens, guaranteeing an easy migration course of. This migration is essential for POL to succeed MATIC as Polygon’s native token, with the transition not beginning till Q1 2024, after the community-supported improve in This autumn 2023.
Concerning provide and emission, POL incorporates a predefined emission price, serving two major functions: validator rewards and ecosystem assist. The proposed yearly emission price of 1% of the POL provide for every objective ensures a stability between offering satisfactory assist to the ecosystem and sustaining token shortage, an important facet for community safety and market attractiveness. This emission coverage, predictable and doubtlessly modifiable by group governance, goals to nurture a steady and enticing financial setting conducive to the expansion and adoption of the Polygon ecosystem.
After the POL improve why will Polygon be distinctive?
The POL improve will make Polygon a novel and superior blockchain platform, providing a mixture of excessive scalability, enhanced safety, modern financial fashions, and a frictionless expertise, all ruled by a community-driven strategy. These attributes are set to place Polygon on the forefront of blockchain expertise, particularly for large-scale and numerous purposes.
The POL improve focuses on enhancing ecosystem safety via a broader, extra decentralised validator pool. This may fortify the community in opposition to assaults and align validators’ pursuits with the ecosystem’s success, guaranteeing a extra sturdy and safe platform.
With POL, Polygon goals to realize unprecedented scalability, supporting the expansion of the community to doubtlessly 1000’s of chains. This degree of scalability, dubbed “hyperblockchainization,” positions Polygon as a number one resolution for large-scale blockchain purposes and mass adoption.
The introduction of a re-staking protocol with POL permits stakeholders to stake throughout a number of chains inside the ecosystem. This multi-chain staking functionality not solely enhances safety but in addition optimises useful resource utilisation, making Polygon extremely environment friendly.
What’s going to the Polygon Ecosystem be Like After the POL Improve?
POL will improve Polygon ecosystem safety via a extremely decentralised pool of Proof-of-Stake (PoS) validators, who’re incentivized to safe a mess of chains inside the Polygon community. This design goals to realize infinite scalability, supporting the exponential progress of the Polygon ecosystem and paving the way in which for mainstream adoption. POL additionally helps the ecosystem by establishing a sustainable, in-protocol mechanism for ongoing improvement and progress actions, ruled by the Polygon group. This community-driven strategy ensures that the ecosystem evolves with decentralisation at its core.
The multifaceted utility of POL revolves round its function in validator incentivisation. Validators are required to stake POL to hitch the validator set, contributing to the community’s safety via mechanisms comparable to Sybil assault prevention, alignment with ecosystem success, and slashing for misconduct. In return, validators can earn rewards via protocol emissions, transaction charges, and extra incentives provided by particular person Polygon chains. This broad definition of validation roles, together with duties like zero-knowledge proof technology and participation in Information Availability Committees, enhances the worth proposition of being a validator within the Polygon ecosystem.
To future-proof the ecosystem and assist its progress till Web3 reaches mass adoption, a steady emission of POL is proposed to fund a Neighborhood Treasury. This fund will probably be very important for protocol improvement, analysis, ecosystem grants, and adoption incentives, with governance vested within the Polygon group. The transition from MATIC to POL is deliberate as a seamless improve, requiring token holders to alternate MATIC for POL via an easy technical course of, with ample time supplied for the migration.
What’s the POL Token?
The POL token is a proposed technical improve to the native asset of the Polygon community, supposed to reinforce and develop the community’s infrastructure and performance. This new token is a part of a broader initiative to rework Polygon into the “Worth Layer of the Web,” a imaginative and prescient that encompasses a extra sturdy and scalable ecosystem.
POL is designed as a ‘hyperproductive’ token, an evolution past conventional productive tokens like Ethereum’s ETH. It permits its holders to interact within the community not simply as validators but in addition in a number of roles throughout numerous chains inside the Polygon ecosystem. A number of the key traits of the POL token embrace:
- Validator Participation: POL permits holders to take part as validators within the community. This entails staking POL tokens, which contributes to the safety and integrity of the Polygon ecosystem. The staking mechanism is crucial for stopping Sybil assaults, aligning validators with the ecosystem’s success, and enabling punitive measures in opposition to malicious actions.
- Multi-Chain Validation and Rewards: A particular characteristic of POL is the power for validators to validate a number of chains inside the Polygon community. This multi-chain validation functionality vastly will increase the scalability of the ecosystem and affords validators the chance to earn rewards from numerous sources, together with protocol rewards, transaction charges, and extra incentives supplied by particular person chains.
- Neighborhood Governance and Ecosystem Assist: As a hyperproductive token, POL can be geared in direction of enabling group governance. Holders of POL can have governance rights, permitting them to take part in decision-making processes that form the way forward for the Polygon ecosystem. Furthermore, POL goals to determine a self-sustaining funding mechanism for ongoing improvement, analysis, and ecosystem progress.
- Seamless Person Expertise: Designed to minimise friction for each customers and builders, POL is structured to facilitate straightforward interplay with the Polygon community, enhancing the general expertise and accessibility.
- Emission Coverage for Ecosystem Funding: POL can have a predetermined emission price to assist validator rewards and a Neighborhood Treasury. This Treasury, ruled by the Polygon group, is meant to fund numerous actions essential for the ecosystem’s development, together with protocol improvement and adoption incentives.
Polygon Ecosystem Token (POL) Tokenomics
- Improve and Substitute of MATIC: POL is just not a very new token; moderately, it’s an upgraded and renamed model of the present MATIC token. Within the Polygon ecosystem, MATIC and POL aren’t supposed to coexist. As a substitute, POL will change MATIC because the native token. This transition marks a major shift within the token’s utility and function inside the community, aligning with the broader targets of Polygon’s strategic evolution.
- Introduction of the Neighborhood Treasury: The Neighborhood Treasury is a brand new mechanism being launched alongside POL. Its objective is to not complement the Polygon Basis’s funds however to offer a self-sustaining assist system for the Polygon ecosystem. The Neighborhood Treasury is envisioned as an impartial entity that may bolster Polygon’s place within the aggressive blockchain infrastructure market. This Treasury will probably be key in responding to the emergence of latest infrastructure protocols with substantial token reserves. Moreover, it goals to reinforce transparency, decentralisation, and group involvement within the Polygon ecosystem, guaranteeing that the community stays aggressive and adaptive.
- Use of POL for Fuel Charges: The usage of POL for gasoline charges will rely on the person selections of every chain inside the Polygon ecosystem. Whereas some chains may decide to make use of POL for gasoline charges, this isn’t a set or common software for the token. Particularly, for the Polygon Proof of Stake (PoS) chain, the transition to POL implies that it might change into one of many chains utilizing POL for gasoline charges.
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How you can purchase POL with crypto
1. Log in to your Bitfinex account or join to create one.
2. Go to the Deposit web page.
3. Within the Cryptocurrencies part, select the crypto you intend to purchase POL with and generate a deposit tackle on the Trade pockets.
4. Ship the crypto to the generated deposit tackle.
5. As soon as the funds arrive in your pockets, you’ll be able to commerce them for POL. Discover ways to commerce on Bitfinex right here.
How you can purchase POL with fiat
1. Log in to your Bitfinex account or join to create one.
2. It is advisable to get full verification to have the ability to deposit fiat to your Bitfinex account. Find out about completely different verification ranges right here.
3. On the Deposit web page, below the Financial institution Wire menu, select the fiat forex of your deposit. There’s a minimal quantity for fiat deposits on Bitfinex; be taught extra right here.
4. Test your Bitfinex registered electronic mail for the wire particulars.
5. Ship the funds.
6. As soon as the funds arrive in your pockets, you need to use them to purchase POL.
How you can convert your MATIC tokens to POL on Bitfinex
1. As a part of Polygon (MATIC) migration to Polygon Ecosystem Token (POL), Bitfinex has additionally enabled new forex conversion instruments on its Wallets Web page permitting prospects to seamlessly swap between Polygon MATIC ERC-20 (Ticker: MATIC), Polygon MATIC Mainnet PoS (Ticker: MATICM) and Polygon Ecosystem Token (Ticker: POL).
2.. Particularly:
- from MATICM to POL
- from MATIC to POL
- from MATICM to MATIC, and vice versa (already supported)
3. Bitfinex won’t convert MATIC or MATICM to POL on behalf of consumers. Prospects could use the forex conversion instruments to do that at their very own discretion at any time after 04/09/2024 at 10:00 AM UTC.
Additionally, we have now Bitfinex on cellular, so you’ll be able to simply purchase POL forex whereas on-the-go.
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