Polygon proposes improve to modify MATIC to POL

• Polygon’s technical improve might see MATIC renamed to POL.
• POL will function on a number of chains together with PoS, zkEVM and Supernets.
• The value of MATIC rose after the information, up 5% in 24 hours as each day quantity jumped 21%.

Polygon has outlined a proposal for a technical improve of the native token MATIC. The small print of this change have been revealed in a white paper from a bunch of the blockchain platform’s founders and researchers.

The improve seeks to switch MATIC with a “subsequent era” protocol token dubbed POL, the protocol mentioned in a weblog publish. The “rebranding” is a part of the Polygon 2.0 roadmap, with POL designed to advance safety and progress throughout the main Ethereum scaling answer.

POL token’s utility

Based on the technical improve’s whitepaper, POL is hyperproductive token – that means holders can change into validators and earn rewards. Nonetheless, it affords extra utility with validators in a position to function throughout a number of chains. This would come with the Polygon proof-of-stake (PoS), zkEVM and Supernets.

1/ Right this moment, the subsequent technical proposal of Polygon 2.0 is unveiled:

POL, the upgraded token of the Polygon protocol! 💫

POL is the subsequent era native token, designed to safe, align and develop the Polygon ecosystem.

Watch the video to get an concept how cool it’s, then 🧵 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 sensible contract. The system will routinely substitute MATIC with POL in a 1:1 ratio and ship the brand new token to the holder’s tackle. Polygon mentioned in a weblog publish that the improve will lead to just one native token – POL.

If the Polygon neighborhood adopts the proposal, the improve might start within the subsequent six months. Holders will thereafter have enough time to finish the change, with a instructed timeline of 4 or extra years.

MATIC value rose following the improve proposal, with the token’s worth surging to its highest stage since early June.

Information from CoinGecko confirmed Polygon’s native token traded practically 5% previously 24 hours. The altcoin’s each day buying and selling quantity was up 21.7% in the identical interval, with greater than $306 million traded.