Polygon Introduces POL Token Upgrade, MATIC Price Jumps 5%

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

– Polygon (Labs), July 13, 2023

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.

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