The company behind the Ethereum (ETH) scaling solution Polygon (MATIC) says its founders and researchers have submitted a white paper seeking to transform the platform’s native token.
Polygon Labs says the technical proposal aims to improve and rename the MATIC token into POL as the network transitions to Polygon 2.0 designed to make the blockchain the “value layer of the internet.”
“Today, the next technical proposal of Polygon 2.0 is unveiled:
POL, the upgraded token of the Polygon protocol!
POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.”
POL and MATIC will not co-exist once the proposed technical upgrade gets approved and pushes through.
“If the community reaches consensus to adopt it, MATIC holders will have their tokens upgraded to POL in 1:1 ratio. There will never be two native tokens.”
The blockchain developer says the upgraded token can supercharge the growth of the network. Polygon says POL is similar to other productive tokens but it will bring in two game-changing improvements.
“POL is the 3rd generation of native assets – a hyperproductive token.
Holders can become validators and receive rewards, but with two major improvements:
Validators can validate MULTIPLE CHAINS
Chain can offer MULTIPLE ROLES (and corresponding rewards) to validators.”
Following the announcement, MATIC is trading for $0.86, up by 16.26% over the past 24 hours.
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