Polygon Founder Announces POL: Massive Technical Upgrade to MATIC

Sandeep Nailwal, the founder of Polygon, announced a significant technical upgrade to the Polygon ecosystem with the introduction of the POL token. The announcement, made via Twitter, outlines how POL aims to revolutionize multi-chain staking and bring about a new era in token design.

POL: A Technical Marvel

According to Nailwal, “POL is a massive technical upgrade to MATIC. POL delivers the benefits of multi-chain staking without the added risks of restaking.” The token is part of the Polygon 2.0 proposal, which seeks to expand the Polygon ecosystem from a single chain to an interconnected network of Layer 2 solutions (L2s).

The Vision Behind POL

According to a recent blog post on Polygon’s official website, the POL token is engineered to serve as the “major tool for coordination and growth of the Polygon ecosystem, as well as the main driver behind the vision of the Value Layer for the Internet.” The token is designed to provide “practically unlimited opportunities” to its holders by enabling validators to oversee multiple chains and assume various roles, thus significantly accelerating the growth of the Polygon ecosystem. However, the introduction of POL rewards will replace the existing MATIC protocol rewards for Polygon validators, raising questions about the future role of MATIC and its potential impact on the asset’s market value.

Multi-Chain Staking and Enshrined Restaking

One of the most notable features of POL is its approach to “enshrined restaking,” which allows the token to be restaked across any number of chains on the network. Nailwal states, “POL can natively be used to stake any number of chains and participate in any number of roles. This lets stakers earn higher rewards with the same staked capital.”

Reducing Centralization

The POL token is designed to minimize reliance on trusted third parties, thereby reducing vectors of centralization. “Enshrined restaking fully avoids reliance on trusted 3rd parties, creating fewer vectors of centralization,” Nailwal explained.

A New Generation in Token Design

POL represents a third generation in token design, following Bitcoin (BTC) and Ethereum (ETH). While BTC does not allow holders to participate in securing the network, and ETH allows staking for network security, POL takes it a step further. According to Nailwal, “POL is designed from the ground up to be the first hyperproductive token — a third generation in token design.”

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ZachXBT’s Defamation Lawsuit Receives Over $1 Million in Donations as Prominent Figures Rally Support

In a surprising turn of events, renowned on-chain analyst ZachXBT has exceeded his initial fundraising target, amassing a staggering $1,055,233 in donations, according to Nansen data. This remarkable achievement has been made possible through contributions from various entities and influential figures within the crypto industry.

Prominent supporters include Binance CEO Changpeng Zhao, Coinbase Cloud’s protocol lead Viktor Bunin, CertiK, Justin Sun, Kraken co-founder Jesse Powell, and Polygon’s founder Sandeep Nailwal.

Changpeng Zhao, in a tweet, expressed Binance’s commitment by pledging $50,000 to the cause, while urging ZachXBT to persevere in his fight and emphasizing the importance of transparency in the industry.

Jesse Powell also expressed gratitude for ZachXBT’s work and pledged a donation of 10 ETH.

Brown Rudnick partner Palley, along with Jess Meyers and the team at Brown Rudnick, expressed their honor in representing ZachXBT’s mission to speak truth to power.

Sandeep Nailwal, founder of Polygon, praised individuals like ZachXBT for their contributions and pledged 5 ETH to support the legal battle.

The lawsuit filed by Huang accuses ZachXBT of damaging his reputation through false allegations made in an article published by ZachXBT approximately a year ago. Huang vehemently denies the allegations and is determined to prove their falsity through the legal proceedings. In a recent tweet, Huang stated that he initially expected an apology and expressed his intention to donate any monetary compensation received to charity.

Huang Licheng(Jeffrey Huang),known as MachiBigBrother on Twitter, a former American-Taiwanese musician and technology entrepreneur, had been involved in a controversial incident in 2018 when he allegedly misappropriated 22,000 ETH from Formosa Financial. Furthermore, over the past four years following the collapse of Formosa Financial, Huang has been associated with a series of unsuccessful token launches and NFT projects.

In response to the lawsuit, ZachXBT expressed disappointment and asserted that the legal action taken against him is an attempt to stifle free speech. He remains resolute in his commitment to fight back and defend the principles of free expression.

To cover the legal expenses and protect the freedom of speech, ZachXBT has set up a donation wallet address for his followers and the wider community.This legal dispute has garnered significant attention within the industry, with key players showing their support for ZachXBT’s cause. The influx of donations and the rallying behind the principle of free speech highlight the crypto community’s dedication to transparency, accountability, and the pursuit of truth.


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Blockchains Do Not Address Any Fresh Issues – Polygon’s Sandeep Nailwal

The Co-founder of Polygon Sandeep Nailwal has disproved one of the most harmful myths propagated by fervent blockchain skeptics and that is the fact that the Web3 revolution is not solely intended to address “new” problems.


Sandeep recently shared his opinions on how blockchain systems should handle many monetary, societal, as well as other issues on Twitter earlier this week.

He asserts that famous industry speakers shouldn’t disparage blockchain firms’ use propositions as being “imaginary” or unreal. 

Sandeep further argues that a large proportion of blockchains, if not all of them, are concentrated on enhancing how current technical mechanisms meet “old” difficulties within and outside of the fintech industry.

Therefore, creating new application scenarios for blockchain-based technologies does not seem reasonable in the context of promoting blockchain integration on a global scale and addressing pressing cross-national issues.

Meanwhile, It was confirmed earlier this past week that Polygon (MATIC) is currently employed as a technical system for police reports in the Firozabad district (Uttar Pradesh, India)

The use of Polygon (MATIC) for receiving and handling police reports will increase the immutability and transparency of the legal system

Polygon (MATIC) zkEVM commences onboarding Dapp

According to US.Today, Polygon’s (MATIC) most recent project, zkEVM, garnered media attention back in August 2022. This platform opens doors for ZKP-based protocols that were not available in the past.  

Recall that back in September, Polygon introduced the gnosis bridge for Web3 users to transfer assets to their Ethereum crypto wallet. 

According to Polygon, the gnosis bridge is the best method for Web3 teams to move their safe assets between polygon and Ethereum. 

Interestingly as per the integration, users can now use safe multi-sig technology without sacrificing ease of use, cost, or security.

Previously Matic Network used to be the name of Polygon. Ethereum’s Polygon Network, a scaling solution for Ethereum, is powered by the Polygon (MATIC) tokenPolygon leverages Layer 2 sidechains—blockchains that operate in parallel with the Ethereum main chain—Polygon intends to offer quicker and less expensive transactions on the Ethereum network.

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Polygon network activity spikes as NFT sales reach new height

The number of nonfungible tokens (NFT’s) sold on the layer-two protocol Polygon reached an all-time high last month at just short of 2 million. 

According to Dune Analytics, this marks a near 60% rise in comparison to November and the third consecutive monthly increase for the network.

An Ethereum-based scaling solution seeking to construct, distribute and manage securities on blockchain technology, Polygon’s ecosystem has grown exponentially over the past twelve months, registering in excess of 3,000 decentralized applications on its network, in addition to a total value locked figure of $3.86 billion.

Alongside this, the number of unique daily active proof-of-stake chain addresses on the network is also expecting a new all-time high, aiming to surpass the record of 566,516 printed on Oct. 2, 2021, with the most recent data from Jan. 5, 2022, calculating 554,163.

Related: Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

In an interview with Cointelegraph last month, co-founder Sandeep Nailwal revealed that Polygon has found a niche in attracting a high proportion of gaming companies and platforms to build NFT’s on their network, as opposed to the collectibles and art often witnessed on Ethereum.

Polygon’s native token, MATIC, reached a peak price of $2.92 on Dec. 27, 2021, and has subsequently fallen to $2.11 at the time of writing in line with a wider market decline.