Key Points

  • Polygon has tabled a proposal that will bring MATIC’s technical upgrade
  • Once approved, MATIC’s upgrade will make it a multipurpose token and be renamed POL

Polygon has submitted a proposal to the Polygon community seeking to upgrade its MATIC token to a multipurpose coin across multiple chains and rename it to POL token.

Polygon wants its native token to serve as a multipurpose coin in all chains

Polygon is an Ethereum scaling solution. It was built as an L2 on the Ethereum blockchain network to bring faster transactions and lower gas fees on the L1. It has a native token called MATIC. This coin has grown into one of the most remarkable projects recently.

Now Polygon has submitted a proposal to upgrade this native token into a multipurpose one that can be used to validate transactions on multiple chains. The proposal will the approved by the ecosystem’s community. 

The POL token is set to span all protocols, including the zkEVM, SUpernets, and the network’s PoS chain. It will also align and incentivize the validators on the Network to perform better. A redesign of the protocol architecture is imminent upon the approval of the proposal introducing features such as infinite scalability. 

It will allow for staking with the validators to open three incentive streams: protocol rewards, transactional fees, and other additional rewards. The upgrade will also include additional features like allowing the validators to perform multiple roles like validating transactions, ZK proof of generation, and participation in Data Availability Committees.

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