POL (ex-MATIC) (POL)
POL, formerly known as MATIC, is the native cryptocurrency of the Polygon network. As an integral part of the Polygon ecosystem, POL plays a crucial role in facilitating transactions, staking rewards, and powering a suite of zero-knowledge-based Layer 2 chains. This transition from MATIC to POL is a significant milestone in the evolution of Polygon, often referred to as Polygon 2.0.
The Polygon network and its origins
The inception and evolution of Polygon
Polygon, originally launched as Matic Network in 2017, was founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The platform underwent a rebranding in February 2021 to become Polygon Technology, reflecting its broader vision of creating a multi-chain blockchain system compatible with Ethereum. This transition included the integration of various decentralized applications (dApps) such as DeFi, DAOs, and NFTs.
| Ticker | POL |
| Category | Smart Contract Platform |
| Website | https://polygon.technology/ |
| @0xPolygon | |
| Telegram | polygonofficial |
| https://www.reddit.com/r/maticnetwork/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0x45...f6 Copied! |
| polygon-pos | 0x00...10Copied! |
Strategic acquisitions and partnerships
Polygon has strategically expanded its capabilities through the acquisition of Hermez Network in August 2021 and the Mir blockchain network in December 2021. These acquisitions have strengthened its technological foundation and broadened its offerings. Furthermore, Polygon has formed significant partnerships with global corporations such as JPMorgan Chase, Starbucks, and Mastercard, showcasing its robust network and influence in the blockchain space.
How POL powers the Polygon ecosystem
POL as an ERC-20 token
POL is an ERC-20 token, ensuring seamless compatibility with other Ethereum-based cryptocurrencies. This compatibility allows POL to operate within the broader Ethereum ecosystem, facilitating transactions and interactions across different platforms and applications.
Proof of stake consensus mechanism
Polygon employs a modified proof-of-stake (PoS) consensus mechanism, which enhances transaction processing efficiency. In this system, network participants stake their POL tokens to gain the right to validate transactions within the network. Successful validators are rewarded with POL tokens, incentivizing participation and ensuring the network's security and reliability.
Zero-knowledge-based Layer 2 chains
POL is instrumental in powering Polygon's zero-knowledge-based Layer 2 chains. These chains are designed to enhance scalability and efficiency by validating transactions on the Polygon network before committing them to Ethereum's mainnet. This innovative approach addresses key challenges faced by the Ethereum platform, such as high transaction fees and slower processing speeds.
Recent developments and future prospects
Transition from MATIC to POL
In September 2024, Polygon completed a seamless migration from the MATIC token to POL. This transition marked a significant step in the network's evolution, aligning with its broader vision of Polygon 2.0. The switch to POL was executed instantly, requiring no action from users, highlighting the network's focus on user-friendly upgrades.