Tech

Polygon Upgrades from MATIC to POL Token: Key Details and Implications

Discover the essential details and implications of Polygon’s upgrade from MATIC to POL Token. Explore how this transition affects users, the ecosystem, and the future of decentralized finance.

Published

3 months ago

September 5, 2024

yönetici

Polygon’s Transition from MATIC to POL Token

Polygon, a prominent layer-2 scaling solution built on the Ethereum blockchain, is poised to implement a significant upgrade on Wednesday. This upgrade will replace its long-established MATIC token with a new token called POL, which is designed to offer enhanced flexibility in the issuance of new supply. The transition is set to commence at 4 a.m. ET (8 a.m. UTC). This change has been in the works for over a year, with the initial announcement made back in July 2023.

Despite the upgrade being well-communicated in advance, the change is being closely observed by the crypto community, as MATIC is widely held among investors. Currently, MATIC ranks as the 13th largest cryptocurrency by market capitalization within the CoinDesk 20 index, valued at approximately $3.8 billion. For many users, this migration will occur automatically, requiring no action on their part.

This migration is a crucial part of Polygon’s extensive revamp, which was detailed in its “2.0” roadmap, aiming to establish POL as the native token for its primary chain, known as the Polygon PoS chain, and eventually for other chains within its ecosystem. Polygon’s overview states that in the initial phase of the migration, “POL will take the place of MATIC as the native gas and staking token for the Polygon PoS network. In later phases, POL will play an essential role in the AggLayer.” The AggLayer is a key component of the roadmap, designed as a system for aggregating affiliated blockchains that utilize Polygon’s innovative technology.

There are ongoing proposals for POL to fulfill broader functions within the Polygon staking hub, which is slated for release in 2025. These functions may include block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).

“This community-driven upgrade comes at a pivotal moment, as every facet of Polygon is evolving,” Polygon stated in a recent blog post. Migration Details for POL

The transition from MATIC to POL will also introduce changes to the tokenomics. Polygon has announced that the new token will feature a revised emission rate of 2% annually. This new structure allocates part of the supply to validators on Polygon PoS as rewards, while the remaining portion is directed to a community treasury, described as “a self-sustainable ecosystem fund that can support various initiatives.”

According to Marc Boiron, CEO of Polygon Labs, the need for this upgrade arose primarily from technical constraints associated with the MATIC token. “The MATIC upgrade keys were intentionally burned years ago, which means we cannot implement changes to that token,” Boiron explained in an interview with CoinDesk. “We wanted to introduce emissions to benefit the community and foster growth, but it was simply impossible to do so under the existing structure.”

Boiron emphasized that the introduction of emissions is intended to support the Polygon community ecosystem by establishing a grants program as part of the community treasury, thus granting the community some level of control over funds to facilitate ecosystem growth. “Furthermore, this will allow validators to receive emissions,” he added. “As new chains emerge and seek decentralization, they will require incentives for individuals to run decentralized groups or provers. The POL emissions can be leveraged to decentralize their networks, enabling POL holders to earn fees from those networks.”

Read more: Polygon Sets September Date for Migration to POL Token from MATIC

Related Topics:Business cryptocurrency Ethereum layer 2 MATIC POL Polygon staking Tech token migration tokenomics

Up Next

Osom’s Bankruptcy: Scandal of Mismanagement and Lavish Spending

Don't Miss

Polygon Transitions from MATIC to POL Token: Enhancing Flexibility and Ecosystem Growth

Click to comment

Tech

Tesla Semi Fire: NTSB Preliminary Report Released

The NTSB’s preliminary report on the Tesla Semi fire has been released. This content includes important information about the details of the incident, the causes of the fire, and Tesla’s safety measures. Explore the impact on Tesla’s electric vehicles and its future steps.

Published

2 months ago

September 17, 2024

yönetici

The National Transportation Safety Board (NTSB) released a preliminary report stating that a Tesla Semi electric truck in California required firefighters to use “50,000 gallons” (approximately 190,000 liters) of water to extinguish a roadside fire. Firefighting teams also deployed an aircraft to drop fire retardant on nearby areas as a precautionary measure to control the fire.

The accident occurred on August 19 at 3:13 AM local time on the I-80 highway east of Sacramento. The electric truck went off the road while navigating a curve, collided with a roadside boundary marker, and then struck a tree, coming to a stop. Fortunately, the driver was not injured in the accident; however, considering their health condition, they were taken to the hospital.

The Tesla Semi’s large 900 kWh battery caught fire upon impact, and toxic smoke began to spread during the fire. While the fire continued with temperatures reaching up to 538°C, firefighters worked intensively to cool the blaze with water. However, due to the fire’s effects, the vehicle continued to burn until late in the afternoon. Meanwhile, Tesla sent a technical expert to the scene regarding fire safety and high voltage hazards.

The highway reopened to traffic at 7:20 PM local time, 16 hours after the accident. The NTSB, as an organization that can only make recommendations and cannot enforce regulations, sent a team to the area for investigation purposes. This major accident raised several issues, including dangerously hot fires and toxic smoke, which will attract the attention of many international organizations.

The NTSB had previously stated in 2021 that fires in the batteries of electric vehicles pose serious risks to emergency response teams and that the guidelines provided by manufacturers for such fires are inadequate.

Tech

New Leaks and Features About the Samsung Galaxy S25 Ultra

Discover the latest leaks and features about the Samsung Galaxy S25 Ultra. Equipped with new technologies and advanced features, this smartphone elevates the user experience to a new level. Check it out for details!

Published

2 months ago

September 17, 2024

yönetici

New Leaks About Samsung Galaxy S25 Ultra

Samsung is expected to introduce the Galaxy S25 Ultra along with the Galaxy S25 series at the beginning of 2024, likely in January. Although no official announcement has been made yet, leaks regarding the upcoming flagship continue to spread rapidly on the internet. Notable leak source IceUniverse shared several new visuals of the Galaxy S25 Ultra in a post on the X platform. These visuals reveal the design differences between the Galaxy S25 Ultra and the Galaxy S24 Ultra.

One of the notable features in the leaked images of the Galaxy S25 Ultra is the rounded corners of the phone. In contrast, this year’s Galaxy S24 Ultra has quite sharp corners, which has led to feedback from some users indicating discomfort while holding the device. Previous leaks have suggested that the Galaxy S25 Ultra may be somewhat larger.

A tweet shared by IceUniverse: Galaxy S25 Ultra Image

According to leaks, the Galaxy S25 Ultra is expected to be thinner and lighter compared to previous models. In August, rumors emerged that the upcoming Galaxy S25 Ultra would be lighter than its competitors, with a weight of under 221 grams.

Another image featured in IceUniverse’s post shows close-ups of the sides of both next year’s expected flagship phone and Samsung’s current flagship. In this image, the side of the Galaxy S25 Ultra appears flatter with rounded corners. While these changes may not create a major revolution, they will generally positively affect the feel of the phone in hand.

Looking at other rumors about the Samsung Galaxy S25 Ultra, it is expected that the company will offer top-tier screen and camera upgrades next year. Additionally, there is a strong expectation that the satellite connection feature will also be introduced alongside the Galaxy S25.

Tech

iOS 18 Officially Released: Innovations and Features

iOS 18 has been officially released! This update, packed with new features and innovations, elevates the user experience to the next level. Check out our article for details and discover the new offerings of iOS 18!

Published

2 months ago

September 17, 2024

yönetici

iOS 18 Officially Released: Here Are the Innovations!

Apple officially launched iOS 18 yesterday, as promised. After a long beta testing phase, this update brings many exciting new features for iPhone users.

iOS 18 Officially Released: Innovations and Features

New Features in iOS 18

Advanced Customization Options on the Home Screen: With iOS 18, users can now arrange app icons freely without sticking to the traditional grid layout. Additionally, there’s an option to change the colors of the icons and adjust their darkness levels. In short, you are no longer bound to a boring layout. It raises questions why Apple waited until 2024 to offer this feature.
Revamped Control Center: The Control Center is completely redesigned in iOS 18. Users will be able to group controls more comfortably, and developers can easily add controls from their applications. Also, there’s an option to divide the Control Center into pages, allowing different controls on each page.
RCS Messaging Support: With iOS 18, Apple introduces Rich Communication Services (RCS) messaging support. Users can add various effects to their texts and react with new emojis for more colorful responses.
Updated Photos App: The Photos app is presented with a new opening page and a modern layout. Users can now browse photos by time, people, and many other criteria, reorder media files, and explore more with the “Collections” feature.
App Lock Feature: Users can now lock specific applications. For example, they can activate Face ID protection from the menu that appears when long-pressing an app icon. Thus, anyone wanting to open the app will have to pass the Face ID protection first.
Apple Intelligence: One of the important features of iOS 18 is Apple’s artificial intelligence kit, Apple Intelligence. However, to fully benefit from this feature, you’ll need to wait for the iOS 18.1 update. More information about Apple Intelligence can be found here.

How to Install iOS 18?