• Polygon’s expertise improve could change the title of MATIC to POL.
• POL works on a number of chains together with PoS, zkEVM and Supernet.
• MATIC’s worth surged on the information, rising 5% in 24 hours as each day quantity jumped 21%.

Polygon has introduced an summary of its proposed expertise upgrades for its native token MATIC. The small print of this change are revealed in a white paper by a bunch of blockchain platform founders and researchers.

The improve goals to exchange MATIC with a “subsequent era” protocol token known as POL, the protocol mentioned in a weblog put up. “Rebranding” is a part of the Polygon 2.0 roadmap, and POL is designed to drive safety and development throughout the main Ethereum scaling options.

Utility of POL Tokens

In accordance with the tech improve whitepaper, POL is a extremely productive token, which means its holders can develop into validators and earn rewards. Nevertheless, having a validator that may work throughout a number of chains gives extra utility. This consists of Polygon’s Proof of Stake (PoS), zkEVM, and Supernet.

1/ The following technical proposal for Polygon 2.0 is introduced at present.

POL, an upgraded token for the Polygon protocol. 💫

POL is a subsequent era native token designed to guard, regulate and develop the Polygon ecosystem.

Watch the video to see how superior it’s 🧵 pic.twitter.com/Gn7KcHpWEY

— Polygon (Labs) (@0xPolygonLabs) July 13, 2023

Upgrading from MATIC to POL includes sending a MATIC token to an owner-designated improve sensible contract. The system will robotically exchange her MATIC with POL in a 1:1 ratio and ship a brand new token to the proprietor’s handle. Polygon mentioned in a weblog put up that the improve would end in just one native token, POL.

If the Polygon neighborhood adopts this proposal, an improve may start inside the subsequent six months. The holder will then have loads of time to finish the switchover, and the beneficial schedule is he 4 years or extra.

MATIC’s worth rose following an improve provide, sending the token’s worth skyrocketing to its highest stage since early June.

In accordance with CoinGecko knowledge, Polygon’s native token has traded practically 5% within the final 24 hours. Over the identical interval, altcoin each day buying and selling quantity elevated by 21.7%, with greater than $306 million traded.