Today is the big day at Polygon, the Layer 2 scaling platform. Polygon, which has been backed by #Binance since the beginning, is switching from network token $MATIC to #PolygonPOL today, September 4, 2024. So why is this change so important for the Polygon ecosystem and why is the $POL token needed?


POL is equipped with new features that will allow the ecosystem to become more decentralized and interactive. While MATIC is used for gas and staking for transactions, POL will have a wider range of uses and will play an active role in critical functions such as governance, giving users a greater say in the network.
POL is described by the co-founders as a 'third-generation token', but why might this be? POL is compatible with advanced technologies such as zk-proofs and DACs. These features make POL more than just a means of value transfer, allowing the network to operate more securely and transparently. In short, it contributes to further decentralization of the ecosystem.
In light of this, what part will POL play in the staking process and how will the new system differ from the old one? The new emission rate is set at 2% per year. The emissions will be used for both validator rewards and community treasury, which is an important factor for long-term growth.
POL's impact on validators and liquidity is also important. POL will allow validators to validate across multiple chains. More transaction confirmations means more opportunities to earn rewards. So with this ability, they will have the opportunity to earn transaction fees and additional rewards for each chain.
Liquidity will be impacted by POL's crucial role in the Polygon ecosystem. Users will be able to stake on each of these chains since validators, as I mentioned earlier, will be able to validate on multiple networks. This indicates that POL can concentrate all of the ecosystem's liquidity and encourage a greater number of transactions. Moreover, its emission mechanism guarantees that it will supply the resources that the ecosystem needs.
POL token is not just a technical innovation, but also a model that aligns with social mining principles. @DAO Labs #SocialMining encourages users to create value by contributing to decentralized systems. POL’s decentralized governance function lets users actively participate in network decisions. At the same time, staking and liquidity opportunities on different chains help users create both financial and community-based value. This way, POL will help make the Polygon ecosystem more interactive and community-focused.
Everything seems good, but will this transition affect Polygon's long-term goals and tech development?
While the effects will become clearer over time, POL will drive Polygon’s evolution using ZK technology, providing major advantages in scalability and security. Additionally, more integration of chains and dApps will expand the ecosystem, leading to more users and liquidity. POL could take on a key role in the cryptocurrency market.