POL, or the Polygon Ecosystem Token, is the next-generation protocol token designed to be the primary tool for coordination, growth, and development of the Polygon ecosystem. It is an upgrade and renaming of the MATIC token, aimed at improving scalability, security, and governance within the network.
POL is used to govern and secure the Polygon network, pay network transaction fees, and enable users to validate multiple chains, stake tokens to earn rewards, and participate in the network’s decision-making processes. It supports a vast number of chains without sacrificing security or speed, making Polygon a scalable platform for developers and users.
POL has diverse use cases across various industries, including Decentralised Finance (DeFi), gaming, and enterprise applications. It enables high-speed, low-cost transactions, making it a preferred platform for many DeFi projects and blockchain-based games. Additionally, it supports supply chain management, data verification, and identity management solutions for enterprises.
POL (ex-MATIC) originated as the Matic Network in 2017, co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The project underwent significant transformations, including an initial exchange offering on Binance in 2020 and a rebranding to Polygon, focusing on Web3 application development. The most recent significant update includes the token upgrade from MATIC to POL, part of the Polygon 2.0 roadmap initiated in 2023.