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 boost the utility and performance inside the community. POL, poised to develop 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 permit stakeholders to actively interact 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, shall be primarily based on OpenZeppelin’s ERC20 implementations and can help 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 about to be 10 billion, sustaining a 1:1 ratio with the prevailing provide of MATIC, symbolising a direct improve fairly than the introduction of a wholly new token.
Polygon Ecosystem Token (POL)
Blockchain information present that the “Polygon Ecosystem Token,” generally known as POL, was established on October 25, 2023 at 9:06 am UTC. The Polygon group’s latest announcement highlighted POL’s function in energising an in depth community of Layer 2 chains primarily based on zero-knowledge know-how. A notable function of POL is its “re-staking protocol,” which gives 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 prevailing PoS community to a zkEVM Layer-2 construction, and establishing a unified liquidity protocol that spans all Polygon networks, as per the group’s assertion.
It is very important word, because the group clarified, that POL shouldn’t be 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 carried out with the unique token, MATIC, which can be nonetheless getting used to pay fuel 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 about to carry a number of important enhancements to the Polygon community, aligning with a collection of well-defined design objectives.
At 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 growth of the validator pool, enabling the community to doubtlessly handle 1000’s of Polygon chains, an important step in the direction of what’s termed as “hyperblockchainization.”
By way of ecosystem help, POL is anticipated to play an important function in establishing a self-sustaining financial mannequin for Polygon’s ongoing improvement and progress. This facet is especially essential as Polygon positions itself as a world community, requiring steady innovation and growth.
POL can be designed to minimise friction generally related to blockchain networks, the place customers and builders typically want to carry, stake, or devour native tokens. This strategy goals to boost the general consumer and developer expertise. Lastly, POL is envisioned to facilitate neighborhood 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 features. Validators shall be required to stake POL to hitch the validator pool, rising the ecosystem’s safety via mechanisms like stopping Sybil assaults and enabling slashing for malicious validators. To incentivize validators, POL shall be distributed as protocol rewards, proportional to the quantity staked.
Moreover, POL shall be a key element in governance, permitting holders to take part within the governance frameworks of Polygon. The preliminary provide of POL is about to match that of MATIC at 10 billion tokens, guaranteeing a simple 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 fall 2023.
Concerning provide and emission, POL includes a predefined emission price, serving two main functions: validator rewards and ecosystem help. The proposed yearly emission price of 1% of the POL provide for every goal ensures a steadiness between offering satisfactory help to the ecosystem and sustaining token shortage, an important facet for community safety and market attractiveness. This emission coverage, predictable and doubtlessly modifiable by neighborhood governance, goals to nurture a steady and engaging financial surroundings 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 singular and superior blockchain platform, providing a mix of excessive scalability, enhanced safety, progressive 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 know-how, 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 towards assaults and align validators’ pursuits with the ecosystem’s success, guaranteeing a extra strong 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 is 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 large number of chains inside the Polygon community. This design goals to realize infinite scalability, supporting the exponential progress of the Polygon ecosystem and paving the best way 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 neighborhood. 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 corresponding 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 supplied by particular person Polygon chains. This broad definition of validation roles, together with duties like zero-knowledge proof era and participation in Knowledge Availability Committees, enhances the worth proposition of being a validator within the Polygon ecosystem.
To future-proof the ecosystem and help its progress till Web3 reaches mass adoption, a steady emission of POL is proposed to fund a Group Treasury. This fund shall be very important for protocol improvement, analysis, ecosystem grants, and adoption incentives, with governance vested within the Polygon neighborhood. The transition from MATIC to POL is deliberate as a seamless improve, requiring token holders to trade MATIC for POL via a simple technical course of, with ample time offered for the migration.
What’s the POL Token?
The POL token is a proposed technical improve to the native asset of the Polygon community, meant to boost and increase 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 strong 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 have interaction within the community not simply as validators but in addition in a number of roles throughout varied chains inside the Polygon ecosystem. A number of the key traits of the POL token embody:
- Validator Participation: POL permits holders to take part as validators within the community. This includes 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 towards malicious actions.
- Multi-Chain Validation and Rewards: A particular function of POL is the flexibility 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 gives validators the chance to earn rewards from varied sources, together with protocol rewards, transaction charges, and extra incentives offered by particular person chains.
- Group Governance and Ecosystem Assist: As a hyperproductive token, POL can be geared in the direction of enabling neighborhood governance. Holders of POL may 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 Consumer 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 may have a predetermined emission price to help validator rewards and a Group Treasury. This Treasury, ruled by the Polygon neighborhood, is meant to fund varied 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 shouldn’t be a very new token; fairly, it’s an upgraded and renamed model of the prevailing MATIC token. Within the Polygon ecosystem, MATIC and POL should not meant 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 objectives of Polygon’s strategic evolution.
- Introduction of the Group Treasury: The Group Treasury is a brand new mechanism being launched alongside POL. Its goal is to not complement the Polygon Basis’s funds however to offer a self-sustaining help system for the Polygon ecosystem. The Group Treasury is envisioned as an impartial entity that can bolster Polygon’s place within the aggressive blockchain infrastructure market. This Treasury shall be key in responding to the emergence of latest infrastructure protocols with substantial token reserves. Moreover, it goals to boost transparency, decentralisation, and neighborhood involvement within the Polygon ecosystem, guaranteeing that the community stays aggressive and adaptive.
- Use of POL for Gasoline Charges: The usage of POL for fuel charges will rely upon the person decisions of every chain inside the Polygon ecosystem. Whereas some chains may choose to make use of POL for fuel 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 may develop into one of many chains utilizing POL for fuel charges.
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Easy methods to 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 propose to purchase POL with and generate a deposit handle on the Alternate pockets.
4. Ship the crypto to the generated deposit handle.
5. As soon as the funds arrive in your pockets, you may commerce them for POL. Learn to commerce on Bitfinex right here.
Easy methods to purchase POL with fiat
1. Log in to your Bitfinex account or join to create one.
2. That you must get full verification to have the ability to deposit fiat to your Bitfinex account. Find out about totally different verification ranges right here.
3. On the Deposit web page, below the Financial institution Wire menu, select the fiat foreign money of your deposit. There’s a minimal quantity for fiat deposits on Bitfinex; be taught extra right here.
4. Verify your Bitfinex registered electronic mail for the wire particulars.
5. Ship the funds.
6. As soon as the funds arrive in your pockets, you should utilize them to purchase POL.
Easy methods to 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 foreign money conversion instruments on its Wallets Web page permitting clients 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 is not going to convert MATIC or MATICM to POL on behalf of consumers. Prospects might use the foreign money conversion instruments to do that at their very own discretion at any time after 04/09/2024 at 10:00 AM UTC.
Additionally, we’ve got Bitfinex on cellular, so you may simply purchase POL foreign money whereas on-the-go.
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