The developers of the Polygon project are on the move. Indeed, announcements about a decidedly change-oriented development dynamic follow one another. The most obvious motivation is the ambition to deliver something more than a simple second-level service on the Ethereum network in an increasingly competitive environment. Especially since this emblematic blockchain validated its historic move to Proof of Stake (PoS).
The reason why a “Polygon 2.0 was recently announced with the goal of “radically reinventing almost every aspect” of its sidechain. To this end, the goal appears to be to ride the sub-network trend that has become the norm in the blockchain industry. A change of course behind a possible revision of its tokenomics with the launch of a new native cryptocurrency that responds to the ticker "POL". But for what?
Polygon 2.0 – What is the POL cryptocurrency?
Before starting this article it seems important to point out that this POL cryptocurrency does not exist yet. For now, this monetization tool for the Polygon 2.0 network has only been discussed as a community proposal. And it clearly isan updated version of its native MATIC token which still bears the original name of the Matic Network project, abandoned in 2021 for Polygon.
"Today the next technical proposal for Polygon 2.0 is presented: POL, the updated token for the Polygon protocol! POL is the next generation native token, designed to secure, align and develop the Polygon ecosystem.. "
And to sell this new tokenomicsthe Polygon project presents the POL token as a "third generation" version with an "overproductive" vocation. After a Bitcoin presented as "unproductive" and an Ethereum that is only "productive", the goal is to offer a tool that is both multi-chain and multi-role. And of course – if the community reaches a consensus to adopt it – it will be possible to operate a change from the current MATIC with a 1:1 ratio.
"POL is the third generation of native assets – a hyper-productive token. Holders can become validators and receive rewards, but with two major improvements: Validators can validate more chains. And the chain can offer MULTIPLE ROLES (and corresponding rewards) to validators.. "
POL – A single token for all Polygon networks
Indeed, this new POL token is presented as the way to “make all Polygon networks work”. It is important to understand that version 2.0 of this initial layer 2 project aims to fragment into sub-networks – called “Supernets” – to address all possible use cases. But it also aims to decongest the Proof of Stake mainnet, which is already designed to relieve pressure on the Ethereum blockchain.
To lay the foundations for this new POL cryptocurrency, the developers of the Polygon project presented a white paper outlining its main features. A document in which a simulation of the possible effects of this change in tokenomics It was carried out. At the same time, the announcement of a forthcoming Proposal for improvement of the polygons (PIV) designed to enable this migration into smart contracts of this ecosystem.
"This article proposes POL, the native token of the revised Polygon protocol architecture commonly referred to as Polygon 2.0. As a successor to MATIC, POL is designed to become an essential tool for the coordination and growth of the Polygon ecosystem and the primary driver of Polygon's vision as a value tier for the Internet.. "
It therefore seems that this proposal, currently under development, already has all appearances of a future implementation. And just look at some of the previous "decisions" of the Polygon project to realize that the community box can quickly become optional. We can only hope that this 2.0 version, presented as "radically" different, is based on a slightly more decentralized logic. To continue…
