Polygon, the renowned Ethereum layer 2 development firm, has proposed an upgrade to its in-house MATIC token. The proposal aims to transform MATIC into a multipurpose token, capable of serving multiple chains. However, approval of this monumental development rests with the Polygon community’s decision. Given this transformation, MATIC will discard its old identity to adopt a new moniker, POL.
The rebranded POL, according to a released statement, will boast utility across all Polygon protocols, including Polygon PoS, zkEVM, and Supernets. Should this proposal gain approval, it would mean a tremendous step for the protocol, enabling support of thousands of Polygon chains without a security compromise. The aim is to align validators with useful work while incentivizing their efforts within a secure ecosystem.
With the upgrade in place, the protocol introduces remarkable features such as limitless scalability and seamless transition between protocols. This revamp is not limited to the validators but extends to transactions and extra rewards. Validators can also partake in different roles on a single chain and contribute to DACs (Data Availability Committees).
Highlighting avenues for mass crypto adoption, Polygon co-founder Sandeep Nailwal, during an AMA session, mentioned Web3 gaming’s potentiality as one of the leading drivers. Considering the funding magnitude, last year, for Web3 games was over $2 billion, it will be intriguing to witness how these games crack the crypto code in the following 6-18 months.
Nailwal emphasizes the necessity for a progressive decentralization of protocols and applications as they gain larger and larger significance, fostering an environment of trust and security for the community. Therefore, this proposed upgrade may act as a quintessential example of such progressive decentralization, expanding the scope of use-cases and community engagement.
Yet, one can’t help but wonder if these changes, while positioning Polygon to further pave the way in blockchain technology, may complicate the learning curve for newcomers, or perhaps, increase complications associated with managing multiple blockchain functionalities under one umbrella. The question now remains – will the Polygon community approve the bold move to transform MATIC into the multipurpose POL, and how will this maneuver navigate the hurdles that lie ahead in the game of crypto adoption? Only time will tell.
Source: Cointelegraph
