The significant technological update is planned as part of Polygon’s 2.0 road map and will be implemented after it receives user feedback.
With the goal of enhancing interoperability and multichain validation for users throughout the layer 2 ecosystems of the Ethereum scaling network Polygon, MATIC, the network’s native currency, was suggested to be replaced with a new coin termed POL.
The suggestion was revealed on Thursday as part of “Roadmap 2.0” by Polygon Labs, the firm behind MATIC and the scaling solution it is based on.
POL would function as a stakeable asset inside the Polygon ecosystem. The POL team claims that its token not only enables multichain validation capability but also gives token holders access to incentives for acting as validators.
Validators may now validate more than one chain, and chains can provide validators with more than one role (and associated incentives) than before.
Team members have promised that MATIC token holders would have at least four years to convert to POL. Users may do this by transmitting their MATIC to a predefined smart contract inside the protocol. Tokens will be distributed to users at a 1:1 ratio. There were no updates regarding the token supply or tokenomics.
If the community supports the initiative and gives the team the go-ahead, the new coin might launch in the next months, the team said. The announcement on Thursday boosted MATIC by 4 percent.
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