POL (prev. MATIC)

POL (Previously MATIC) Cryptocurrency Product Introduction

• Background and Overview: POL is the native token of the Polygon network, formerly known as MATIC. Polygon is a leading Ethereum scaling platform designed to address Ethereum’s high transaction fees and low throughput issues. As a Layer-2 solution, Polygon offers faster transaction speeds and lower costs, providing an efficient blockchain ecosystem for developers and users.
• Technical Features: The POL token supports the Polygon 2.0 upgrade plan, which transforms Polygon from a single Layer-2 solution into a complex multi-chain ecosystem. Polygon leverages Zero-Knowledge (ZK) technology and the AggLayer framework to enable cross-chain interoperability, connecting multiple blockchains into a unified network experience. Additionally, Polygon supports a Proof-of-Stake (PoS) consensus mechanism, enhancing the network’s security and scalability.
• Functionality and Use Cases: POL serves as the core token of the Polygon ecosystem, used for paying transaction fees, participating in network governance, and becoming a validator to earn rewards. Designed as a ‘hyperproductive token,’ POL allows validators to operate across multiple chains and offers diverse roles and reward mechanisms. Users can interact with tens of thousands of decentralized applications (dApps) on the Polygon network through POL, spanning areas like Decentralized Finance (DeFi), Decentralized Autonomous Organizations (DAOs), and Non-Fungible Tokens (NFTs).
• Branding and Development: Polygon was initially launched as Matic Network and rebranded to Polygon Technology in 2021, reflecting its vision to expand the possibilities of blockchain technology. The migration from MATIC to POL is part of the Polygon 2.0 roadmap, aimed at introducing greater security and scalability to the entire ecosystem.
• Ecosystem and Outlook: Polygon is committed to driving Ethereum’s full scalability through technological innovation and has established partnerships with numerous key players. Its ecosystem continues to expand, incorporating more real-world assets (RWAs) and innovative projects, while providing developers with tools like the Polygon CDK (Chain Development Kit) to build scalable blockchains.