Sign Up on MEXC
Polygon, a leading Ethereum scaling and infrastructure development platform, has unveiled its proposed technical upgrade for its native MATIC token as part of the Polygon 2.0 roadmap. The proposed upgrade introduces the POL token, designed to operate seamlessly across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets. MATIC price has shot up since the announcement.
Polygon Token Upgrade From MATIC to POL
Pending approval from the Polygon community, MATIC will undergo a conversion process into Polygon (POL), a versatile token that can be staked across multiple chains within the Polygon ecosystem. This upgrade aims to enhance interoperability and expand the token’s utility within the network.
To ensure a smooth transition, network has proposed a generous grace period of at least four years for token holders to complete the upgrade process. During this time, MATIC holders can exchange their tokens for POL at a 1:1 ratio, effectively replacing MATIC with the new native asset.
One of the significant improvements offered by the upgrade is the ability for holders to become validators and receive rewards.
Holders can become validators and receive rewards, but with two major improvements:
- Validators can validate MULTIPLE CHAINS
- Chain can offer MULTIPLE ROLES (and corresponding rewards) to validators
MATIC Price Shoots Up
As news of the proposed upgrade and the potential use of POL spread, the price of MATIC, the native token of Polygon, experienced a 5% increase. Currently valued at $0.7747, MATIC has demonstrated its resilience and investor confidence amidst the evolving developments within the Polygon ecosystem.
The proposed upgrade introduces POL as a potential gas fee token for certain Polygon chains, offering increased flexibility and autonomy to users. In addition to gas fees, POL will also serve as the voting asset for governance proposals related to decentralized applications (dApps) built on it.
MATIC has has experienced a trading range with a 24-hour low of $0.7144 and a 24-hour high of $0.7767.
Also Read: Celsius Network Files $2 Billion Claim Against FTX
- Breaking: Michael Saylor’s Strategy Adds 1,955 Bitcoin Amid S&P 500 Snub; MSTR Stock Falls
- XRP and Solana Eye Breakout Amid Institutions Buying, Call Options
- Pi Network Mod Flags Scammer Wallet Linked to Multiple Token Thefts
- Crypto Market Turns Bullish as Standard Chartered Predicts 50bps Fed Rate Cut Next Week
- US SEC Delays Canary HBAR and Grayscale Polkadot ETF, Here’s Why
- Dogecoin Price Forecast: Analyst Targets $2 as DOGE Leads Altcoin Market Amid ETF Optimism
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
