Polygon Upgrade Proposal Pushes Price Over 5%, Is It Too Late To Buy?

During the last day, the value of the Polygon native token, MATIC, has been on the rise, pushed upward by a single improve proposal. With the proposal gaining traction, will the value proceed to rise, and is it too late to purchase MATIC?

New Proposal To Change MATIC To POL

In an attention-grabbing flip of occasions, Polygon founders have recommended an overhaul of the Layer-2 blockchain’s native MATIC token in favor of a brand new token. The proposal includes upgrading the present token in an effort to vary and enhance its capabilities, which transcends simply its native chain to different chains.

A brand new token title (POL) was proposed in lieu of MATIC, which significantly better displays the Polygon title. The improve is centered on this POL token which might enable for higher scalability in addition to assist to carry extra rewards for Polygon’s validators. The token could be operable throughout all Polygon networks, akin to Polygon’s fundamental blockchain and Polygon’s zkEVM, along with different supernets that run on Polygon.

Polygon says it plans to create three new layers of rewards for its validators, together with transaction charges, protocol rewards, in addition to different rewards to be made accessible to validate throughout a number of chains. Principally, the POL token will probably be to incentivize the validators who assist to safe the community.

MATIC value up 5% in at some point | Supply: MATICUSD on Tradingview.com

The proposal by the founders is but to go because the Polygon neighborhood will nonetheless must vote on it. Nevertheless, if it does go, the founders have proposed that every one MATIC holders will probably be supplied as much as 4 years to change their tokens for POL.

Polygon Token Value Soars

Following the announcement of this proposal, the value of Polygon’s MATIC token has responded positively. The token which had been buying and selling sideways for many of this week shortly noticed a reversal and recorded over 5% in each day beneficial properties.

MATIC’s beneficial properties to date have seen it emerge because the second-highest gainer on Coinmarketmap, following behind SingularityNET’s AGIX. The worth has now moved from trending under $0.73 to sitting firmly above $0.76 on the time of this writing.

MATIC is second-highest gainer on Coinmarketcap | Supply: Coinmarketcap

Nevertheless, regardless of the value improve, the value of MATIC nonetheless sits significantly decrease than it did 5 months in the past. On condition that its value is sitting nearly 50% decrease than its February excessive of $1.5, this might current a chance to reap the benefits of MATIC’s low value.

If the proposal passes, then it could possibly be bullish for the digital asset, as already demonstrated over the previous day. And if the crypto market continues to get well, then MATIC could possibly be trying towards breaking the $1 resistance within the close to time period.