Polygon Plans to Upgrade MATIC into a Multi-Chain Token

Polygon, an Ethereum Layer-2 scaling solution, has announced a proposal to revamp its MATIC token into a versatile entity that can validate multiple chains.

The proposal’s faith is now in the hands of the Polygon community. If they approve the proposal, MATIC would be renamed to POL. 

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Under its new name and function, POL would play a central role across all Polygon protocols, including Polygon PoS, zkEVM, and Supernets. The announcement elaborating on the proposed change expressed:

Primarily, it enables the pool of protocol participants, i.e., actors to scale to support thousands of Polygon chains without sacrificing security.

This signifies that the essence of POL will be woven around validators, aligning their interests and incentivizing them to contribute valuable work.

Assuming the proposal receives the green light, the restructured protocol architecture would usher in features such as boundless scalability and frictionless interaction between any two protocols.

For validators, POL staking could generate three revenue streams: protocol rewards, transaction fees, and supplementary rewards. Validators could further broaden their roles within a single chain, encompassing duties like developing zero-knowledge proofs and participating in Data Availability Committees (DACs).

In May, Sandeep Nailwal, the co-founder of Polygon, envisioned Web3 gaming as a pivotal player in facilitating widespread cryptocurrency adoption. On top of that, Nailwal emphasized the requirement for a “progressive decentralization of protocols and applications as they achieve larger and larger significance.”

The envisaged transformation of MATIC to POL holds the potential to revolutionize the landscape of multi-chain validation, pushing the boundaries of scalability and interoperability.

It appears that during recent months, the team behind Polygon has been actively working on revamping the ecosystem. At the end of June, Polygon co-founder Mihailo Bjelic advocated for a shift from Proof-of-Stake (PoS) network to a “zkEVM validium” version.

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• Source: https://www.bitdegree.org/crypto/news/polygon-unveils-plans-to-upgrade-matic-into-a-multi-chain-token