Polygon Labs introduces a multi-purpose token called POL, which is considered a potential successor to the MATIC token within the Polygon system. POL serves as a crucial tool in fostering growth and collaboration within the ecosystem, allowing token holders to accumulate rewards in POL along with other incentives.
POL stands out as a “highly productive” digital currency capable of supporting multiple blockchains. Additionally, POL enables Polygon chains to introduce supplementary rewards to attract validators. The total supply of POL is expected to be similar to that of MATIC, and users can swap MATIC for POL at a 1:1 ratio.
In support of protocol development and the community, Polygon Labs will regularly issue POL releases to fund the community treasury. The community treasury will be governed through an agreed-upon governance process, allowing the Polygon community to have control over it.
The team proposes a time frame of four years or more for the MATIC-to-POL transition, and the migration will commence if the community agrees to this proposal.