Polygon has unveiled a proposal to upgrade its native crypto, MATIC into a multipurpose token. In a Thursday Twitter post, the protocol confirmed the development, stressing that the approval of the proposal will facilitate the renaming of MATIC to POL. This upgrade means the token will now be able to validate multiple chains. However, at the moment, the proposal is still subject to the approval of the community.
According to the announcement, the utility of POL will spread across all Polygon’s projects including zkEVM, Supernets, and many more. Also, the potential upgrade has the capacity to allow the pool of protocol participants to scale thousands of Polygon chains without losing their security. The proposal seeks to place the utility of POL around validators in a bid to better incentivize them to work better. It also aims to facilitate the introduction of several features in the architecture of the protocol. These include infinite scalability, the absence of friction between two protocols, and many more.
Meanwhile, staking POL, according to the proposal, will help avail three incentive sources to validators. They include protocol rewards, transaction fees, and additional rewards. Also, it enables validators to perform multiple roles, like participation in DACs (Data Availability Committees) on a single chain.
Launch of Polygon 2.0
Worthy of note that this proposal comes barely a few months after Polygon launched the latest version of its layer network. The new network, known as Polygon 2.0 was developed to become the true value layer of the internet. Also, the upgrade was also geared toward complementing the commitment of the Ethereum network for a decentralized internet.
In March, Polygon launched its zkEVM solution on mainnet to scale Ethereum. According to the team behind the project, zkEVM is designed in such a way that it helps executes transactions on rollups into a zero-knowledge proof. It reduces transactions into small pieces of data to keep Ethereum unclogged. During the launch, Polygon co-founder, Mihalio Bjelic labeled the solution as the “holy grail” of blockchain scalability. This is because it is enveloped with scalability, security, and EVM compatibility features.
Today, zkEVM enjoys the patronage of over fifty projects in the crypto industry. According to findings, some of the projects leveraging on the capacity of the solution are Quickswap, Etherscan, Phantom, Midnight Society, Luganodes, Celer, Gameswift, Yeeha Games, and many more. Reports also confirmed that Uniswap and Aave recently sent proposals to also onboard the solution in their networks.