- A technical replace to Polygon might even see MATIC renamed to POL.
- POL will run on a number of chains together with PoS, zkEVM and Supernets.
- MATIC’s worth rallied on the information, gaining 5% in 24 hours, with each day quantity leaping 21%.
Polygon has submitted a proposal for a technical replace to the MATIC native token. The main points of this swap have been revealed in a white paper by the group of founders and researchers of the blockchain platform.
The replace goals to switch MATIC with a “next-generation” protocol token referred to as POL, based on a weblog put up on the protocol. Rebranding is a part of the Polygon 2.0 plan, and POL is designed to extend safety and development throughout the main Ethereum scaling resolution.
Utility of POL Token
In response to technical replace paperwork, POL is a hyperproductive token, which means that holders can grow to be verifiers and obtain rewards. Nevertheless, it provides extra utility with verifiers that may run on a number of chains. This would come with Polygon proof-of-stake (PoS), zkEVM and Supernets.
1/ Immediately one other technical providing of Polygon 2.0 is offered:
POL, Up to date Polygon Protocol Token! 💫
POL is a next-generation native token designed to safe, align and develop the polygon ecosystem.
Watch the video to see how cool it’s, then 🧵 pic.twitter.com/Gn7KcHpWEY
— Polygon (Labs) (@0xPolygonLabs) in 2023 July 13
When upgrading from MATIC to POL, holders will ship their MATIC tokens to the required sensible improve contract. The system will robotically convert MATIC to POL in a 1:1 ratio and ship a brand new token to the holder’s handle. Polygon mentioned in a weblog put up that the replace will solely present one native token, POL.
If the Polygon group accepts the proposal, the improve might start inside the subsequent six months. Holders will then have sufficient time to finish the trade, with a proposed time period of 4 years or extra.
The value of MATIC rose after the renewal supply, and the worth of the token rose to its highest stage for the reason that starting of June.
CoinGecko information confirmed that Polygon’s native token traded up practically 5% within the final 24 hours. Alcoin’s each day buying and selling quantity elevated by 21.7% throughout the identical interval, buying and selling greater than 306 million.
