Polygon is mulling to upgrade its MATIC token into a versatile token that can be utilized across various blockchain networks. The proposal is currently before the Polygon community to either approve or reject. If accepted, MATIC will be renamed as POL following the upgrade. The intention behind this move is to enable POL to validate multiple chains, including Polygon PoS, zkEVM, and Supernets, a report in Cointelegraph said.
The upgraded POL token aims to enhance scalability and eliminate any friction between different protocols, thereby supporting a large number of Polygon chains while maintaining security. Validators will play a crucial role in the utility of POL, as they will be incentivized to perform valuable work. By staking POL, validators can access protocol rewards, transaction fees, and additional incentives. Moreover, validators will have the flexibility to fulfill multiple roles on a single chain, such as generating zero-knowledge proofs and participating in Data Availability Committees (DACs).
Polygon co-founder Sandeep Nailwal expressed his belief that Web3 gaming will play a significant role in driving widespread cryptocurrency adoption. He noted that several prominent Web3 games are set to launch in the coming months, and the gaming ecosystem holds great potential for exploring real-life use cases beyond trading and payments. Nailwal emphasized the importance of progressively decentralizing protocols and applications as they gain greater significance.
Overall, Polygon’s proposal to upgrade MATIC into a multipurpose token named POL aims to expand its utility across various chains, enhance scalability, and incentivize validators to contribute to the network’s growth.
