Polygon Proposes Token Rebranding From MATIC to POL, Says Upgraded Asset Brings ‘Game-Changing Improvements’

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The corporate behind the Ethereum (ETH) scaling answer Polygon (MATIC) says its founders and researchers have submitted a white paper looking for to remodel the platform’s native token.

Polygon Labs says the technical proposal goals to enhance and rename the MATIC token into POL because the community transitions to Polygon 2.0 designed to make the blockchain the “worth layer of the web.”

“At the moment, the following technical proposal of Polygon 2.0 is unveiled:

POL, the upgraded token of the Polygon protocol!

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

POL and MATIC won’t co-exist as soon as the proposed technical improve will get accredited and pushes by way of.

“If the neighborhood reaches consensus to undertake it, MATIC holders may have their tokens upgraded to POL in 1:1 ratio. There’ll by no means be two native tokens.”

The blockchain developer says the upgraded token can supercharge the expansion of the community. Polygon says POL is much like different productive tokens however it would herald two game-changing enhancements.

“POL is the third era of native property – a hyperproductive token.

Holders can change into validators and obtain rewards, however with two main enhancements:

Validators can validate MULTIPLE CHAINS

Chain can provide MULTIPLE ROLES (and corresponding rewards) to validators.”

Following the announcement, MATIC is buying and selling for $0.86, up by 16.26% over the previous 24 hours.

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