Polygon 2.0 Potential Airdrop
Polygon will have a new token called “POL.”
- POL contracts are live on the Goerli testnet, part of Polygon 2.0's upgrade
- POL is designed to replace MATIC for various functions like staking and gas fees. Its introduction will be significant for the Polygon ecosystem
Why are we focusing on this potential airdrop?
- Token confirmed: POL Token
- Project Credibility: Polygon is already an established project with a track record, making any airdrops potentially more trustworthy. This lowers the risk usually associated with airdrops from lesser-known projects
- Team Credibility: Let's consider the team’s credibility as well. The Polygon team is reputable, further reducing risk
- Utility: POL will have staking and governance capabilities. If an airdrop occurs, the token will likely have immediate utility, increasing its value proposition. POL's utility goes beyond staking and governance, involving a staking layer to coordinate multiple Polygon chains. The token will also likely have multiple use-cases, making it attractive to own
- Sandeep Nailwal’s statement: Remember what the founder of Polygon stated in a previous tweet: "Plus there is no rule that an existing token can't do a massive airdrop." This implies that even if a token is already in circulation and established, it's still possible for the project to conduct a large-scale airdrop. This means that existing tokens aren't restricted from using airdrops as a mechanism for distribution, or for other strategic purposes
- Strong and trustworthy financial backing and support: Polygon has raised a significant amount of funding from various investors. We’re talking about 450 million USD here, led by Peak XV Partners and including investments from SoftBank Vision Fund 2, Tiger Global, Galaxy Digital, and Seven Seven Six, among others. The funding round resulted in Polygon's public valuation reaching 20 billion USD
- Community Treasury: In their document, they mentioned a "Community Treasury" but what do they mean by that? A "Community Treasury" is a pool of funds stored within the Polygon protocol itself that will be managed collectively by the community, likely through governance tokens, which in this case would be POL.
This fund's primary purpose will be to allocate resources for the continual development and expansion of the Polygon ecosystem, or even for community incentives like airdrops. This fund could be a potential source of airdrops that will further incentivize community involvement and development
- Governance: POL will have governance utility, and holding POL will mean participating in Polygon Funding Proposals (PFPs) and potentially influencing decisions on Community Treasury disbursement, including those related to potential airdrops
- Incentives: POL holders will be economically incentivized to approve beneficial proposals. This likely includes opportunities for further airdrops, particularly for those who actively participate in governance
- Community Treasury Excess: If the treasury accrues more POL than needed, the community could decide to burn it or distribute it in another manner, possibly via airdrops
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Polygon 2.0, announced by Polygon Labs in June 2023, is a comprehensive upgrade to the existing Polygon network. It serves as a blueprint featuring a series of improvements designed to make Polygon the "Value Layer of the Internet." Built on ZK-powered layer-2 chains, these updates are coordinated through a new cross-chain protocol and designed to democratize the creation, programming, and exchange of value, offering unlimited scalability and unified liquidity.
Some relevant characteristics about POL:
- One token: Aims to be one token to power ALL Polygon chains
- Ecosystem Security: POL aims to create a decentralized validator pool to secure multiple Polygon chains
- Infinite Scalability: POL is designed to support the growth of the Polygon network, targeting not just hundreds but thousands of chains
- Economic Support: POL will contribute to a self-sustaining funding mechanism, likely linked to the Community Treasury, to ensure ongoing development
- Community Ownership: Governance rights will be tied to POL holdings, emphasizing community-led decision-making
Utility of POL
- Validator Staking: POL is required for validators to join the network, increasing its security
- Validator Rewards: POL is used to compensate validators, aligning them with network success
- The initial supply is 10 billion POL, which will be dedicated to a token swap from MATIC to POL
POL has two primary emission purposes:
- Validator rewards: 1% annual emission rate, fixed for an initial 10 years
- Ecosystem support via Community Treasury: 1% annual emission rate, also fixed for an initial 10 years
- After 10 years, these rates can be reduced but never increased beyond 1%
- Cost: We recommend you start with amounts of between 500 USD - 1,000 USD or higher
- Time Required: Approximately 10 minutes
- Airdrop: Unconfirmed, but potentially huge
STEPS TO FOLLOW
- Visit our X profile and follow the steps to become eligible for this potential airdrop
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The POL token will be central to Polygon 2.0's design and will serve multiple functions that will enormously contribute to network security, scalability, and governance. While there's no confirmation of an airdrop as yet, there have been clues from Sandeep Nailwal as well as the fact that the design and utility of POL make it a token worth watching for potential airdrop opportunities.
If, somehow, this potential airdrop is officially confirmed, it would likely be a high-value target for airdrop hunters due to the token's governance utility and the well-defined tokenomics.