Upgrade Your MATIC to POL with Polygon’s New Proposal!
• Polygon has proposed a technical upgrade of its native token MATIC, which would see it renamed to POL.
• The upgraded token – POL – will be hyperproductive and offer holders the ability to operate across multiple chains, including PoS, zkEVM and Supernets.
• The price of MATIC rose after the news, up 5% in 24 hours as daily volume jumped 21%.
Polygon Proposes Upgrade
Polygon has proposed a technical upgrade for its native token MATIC which would see it renamed to POL. This upgrade is part of the Polygon 2.0 roadmap and is designed to increase security and growth across the leading Ethereum scaling solution.
POL Token Utility
The POL token will be hyperproductive, allowing holders to become validators and earn rewards on multiple chains including PoS, zkEVM and Supernets. To initiate the switch from MATIC to POL, holders must send their MATIC tokens to an upgrade smart contract where they will be automatically replaced with POL in a 1:1 ratio.
Timeline for Switch
If adopted by the Polygon community, the upgrade could begin in the next six months with sufficient time given for holders to complete the switch over a suggested timeline of four or more years.
MATIC Price Increase
Following news of this proposed upgrade, MATIC’s value surged reaching its highest level since early June. Data from CoinGecko showed that in 24 hours following this news, MATIC traded nearly 5% higher while daily trading volume was up 21.7%.
The proposed technical upgrade by Polygon seeks to bring increased security and utility for users through its next generation protocol token called POL. If accepted by the community then holders should have plenty of time to make the switch over a suggested timeline of four or more years while already benefiting from an immediate increase in price following news of this proposal.