It seems that Polygon’s founder says that the project is getting a massive upgrade. Check out the latest reports about this below.
Polygon’s Matic gets an upgrade
According to Sandeep Nailwal, the founder of Polygon Labs, the upcoming upgrade for Polygon’s native asset, MATIC, will turn it into a “third-generation token.”
The community is currently considering a technical proposal to rename MATIC to POL as part of the transition to Polygon 2.0, which seeks to establish the project as the “value layer of the internet.”
Nailwal said the following 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.”
According to Nailwal, users will now have the ability to re-stake the POL token in order to validate any number of chains on the network. This will improve the process of staking, which he refers to as “enshrined staking”.
POL offers innovative features in two dimensions:
1) Enshrined restaking eliminates the need for any trusted third parties, thereby reducing the risk of centralization.
2) POL can be utilized to secure not only chains but also Agg (aggregation) layer, DACs (decentralized autonomous corporations), and other similar entities.
POL has been designed to be a hyperproductive token, marking it as a third-generation token in terms of design.
The first generation being BTC where the holder cannot participate in securing the network. The second generation being ETH where the holders can stake to secure the network. Lastly, with POL being the third generation, holders can secure multiple networks and play multiple roles.
If the proposed technical upgrade gets approved and implemented, then POL and MATIC will not coexist. MATIC holders will receive an upgrade to their tokens at a 1:1 ratio.
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