Polygon, the L2 development platform operating on Ethereum, has announced the proposal for upgrading its local token MATIC. The platform intends to turn the digital token into a multipurpose serving coin. As a result of this upgrade, MATIC will be able to validate several chains. On its official Twitter handle, Polygon shared a long thread of tweets to inform the community about the upgrade.
Polygon’s New Proposal to Upgrade MATIC to POL for Serving Several Purposes on Diverse Chains
The platform noted that the respective proposal, after its approval, will transform MATIC into its upgraded version named POL. It is known as the next-generation token that is structured to align, secure, as well as grow the ecosystem of Polygon. While providing more details, the company pointed out that for the approval of the POL token, the community needs to reach a consensus for its adoption.
As a result of the proposal’s approval, the people holding MATIC tokens will have them replaced by an equal number of the latest POL tokens. In addition to this, the company also clarified that it will never run a couple of native tokens simultaneously. Moreover, the platform also disclosed the significance of the new token. In this way, it pointed toward some deficiency of the top cryptocurrency Bitcoin.
Polygon pointed out that even though Bitcoin (BTC) is successfully operating within the crypto market it has turned out to be unproductive. As per Polygon, the BTC holders cannot take part in the protocol or get rewards subsequently. On the other hand, it added, the ETH token of Ethereum is beneficial as the holders are permitted to play the role of validators.
POL Holders Can Validate with the Addition of a Couple of Chief Advancements
For doing that, they are provided with fee proportions and rewards in ETH. The platform moved on to reveal that the upgraded POL token is considered to be the native assets’ 3rd generation. According to Polygon, it is a hyperproductive coin. Validators can get rewards with the addition of a couple of chief improvements.
One is that they can validate several chains. The 2nd improvement says that the chain can provide several roles to the validators along with corresponding rewards. Furthermore, this is not all. As the platform mentioned, this is just the beginning. The company has a strategy to make several improvements to the design of the upcoming POL token with time.
