- Polygon’s technical improve may see MATIC renamed POL.
- POL will work on a number of chains together with PoS, zkEVM and Supernets.
- MATIC’s value rose after the information, up 5% in 24 hours as day by day quantity jumped 21%.
Polygon introduced a proposal for a technical improve of the MATIC native token. The main points of this modification had been printed in a white paper by a bunch of founders and researchers of the blockchain platform.
The improve goals to switch MATIC with a “subsequent era” protocol token known as POL, the protocol stated in a weblog publish. The “rebranding” is a part of the Polygon 2.0 roadmap, with POL designed to advance safety and progress within the main Ethereum scaling resolution.
Usefulness of the POL token
Based on the technical improve whitepaper, POL is a hyperproductive token, which suggests holders can turn into validators and earn rewards. Nonetheless, it gives extra utility with validators able to working throughout a number of chains. This would come with Polygon Proof of Stake (PoS), zkEVM, and Supernets.
1/ Right now, the subsequent technical proposal of Polygon 2.0 is unveiled:
POL, the upgraded token of the Polygon protocol! 💫
POL is the next-generation native token, designed to safe, align, and develop the Polygon ecosystem.
Watch the video to get an concept how cool it’s, so 🧵 pic.twitter.com/Gn7KcHpWEY
— Polygon (Labs) (@0xPolygonLabs) July 13, 2023
Upgrading from MATIC to POL will contain holders sending their MATIC tokens to the given improve good contract. The system will routinely change MATIC with POL in a 1:1 ratio and ship the brand new token to the holder’s deal with. Polygon stated in a weblog publish that the improve will lead to a single native token – POL.
If the Polygon group adopts the proposal, the improve may start throughout the subsequent six months. Holders will then have ample time to make the change, with a prompt timeframe of 4 years or extra.
The MATIC value rose following the proposed improve, with the token’s worth reaching its highest stage since early June.
Information from CoinGecko confirmed that the native Polygon token traded practically 5% decrease previously 24 hours. Day by day buying and selling quantity for the altcoin elevated by 21.7% over the identical interval, with greater than $306 million traded.
