Polygon inventor Sandeep Nailwal has 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!
As you follow on Kriptokoin.com, Polygon’s native token MATIC is preparing for a transformation. Sandeep Nailwal, founder of Polygon Labs, hinted at a major technical upgrade that will transform MATIC into POL, which is touted as a “third generation token”. According to Nailwal’s X post, the upcoming POL evolution represents more than a name change. The POL covers 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 added 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…
https://twitter.com/sandeepnailwal/status/1696102126236143881
How will the functionality of POL be?
In Polygon 2.0, the newly designed POL will have the possibility to be staked at a designated ‘stake centre’. This mechanism is called “Enshrined restaking”. It is this mechanism that empowers POL to stake and take on various roles on different Blockchains. As a result, stakers will be able to get more rewards without increasing their staked capital.
Sandeep Nailwal also highlights the transformation of tokens over time. Accordingly, he compares the passive nature of first-generation holders of BTC to the active staking capabilities offered by ETH in the second-generation. With the 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 problems that will occur due to the transition mechanism. The user who staked MATIC wanted to understand how the exchange would affect their 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, the price of Polygon is hovering at $0.569232. MATIC witnessed a drop 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, about 9.3 billion are in circulation. This indicates strong investor confidence and a potential growth trajectory. Its 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 uncharted territory.
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