Polygon Proposes Token Rebranding From MATIC to POL, Says Upgraded Asset Brings ‘Game-Changing Improvements’
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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
Comments are closed.