Polygon Proposes Token Upgrade from MATIC to POL to Increase Practicality | CoinDesk JAPAN | Coin Desk Japan

A group of Polygon founders and researchers have proposed a token upgrade that replaces network tokens from MATIC to POL.

The networks covered include the main Polygon blockchain, the Polygon zkEVM network, and various supernets (application-specific blockchains running on top of the main Polygon network).

The offer boosted MATIC’s price, rising 2.6% to $0.747 in the first three minutes after the announcement.

If the proposal is accepted, network validators will be able to use a single token to support the operation of multiple chains.

Upgrading from MATIC to POL requires a simple action. If you send MATIC to the upgrade smart contract, this smart contract will automatically return the same amount of POL. If the community supports the upgrade, token holders will be given ample upgrade time of four years.

Every Polygon chain community ultimately decides which tokens their chain uses for gas fees. Some may choose POL. Holders will use POL to vote on governance proposals for decentralized applications built on polygons, with all rewards distributed in POL.

｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Polygon Labs
｜Original: Polygon Proposes Token Switch From MATIC to POL for More Utility