Polygon proposes upgrading MATIC into a multipurpose token for all chains
The proposal for MATIC’s technical upgrade is subject to approval from the Polygon community. Once approved, MATIC’s upgrade to a multipurpose token will result in its renaming to POL. Ethereum layer 2 development firm Polygon proposed upgrading its in-house MATIC (MATIC) token into a multipurpose token that can be used to validate multiple chain s. The proposal for MATIC’s technical upgrade is subject to approval from the Polygon community. Once approved, MATIC’s upgrade to a multipurpose token will result in its renaming to POL. According to the announcement shared with Cointelegraph, POL’s utility will span all the Polygon protocols, which includes Polygon PoS, zkEVM and Supernets. Sharing details about the anticipated upgrade, the announcement read: “Primarily, it enables the pool of protocol participants, i.e. actors to scale to support thousands of Polygon chains without sacrificing security.” The utility of POL revolves around validators, with the goal of aligning and i...