Upgrade Your MATIC Token with Polygon for All Chains

Polygon Token Upgrade to POL

The crypto firm Polygon is proposing to upgrade its MATIC (MATIC) token into a multipurpose token that can be used to validate multiple chains. The proposal for MATIC’s transformation is subject to approval from the Polygon community, and if approved, the token will be renamed to POL.

POL will have a variety of utilities across the Polygon protocols, including Polygon PoS, zkEVM and Supernets. The goal of the redesign is to incentivize validators to do useful work and provide infinite scalability with no friction between any two protocols.

The crypto.com, fx crypto, crypto.com reddit, saitama crypto, tonic crypto today, motley fool crypto, spell crypto, top crypto sites, and vet crypto communities are all watching the progress of POL closely, as it could be a major development for the crypto space.

Crypto Use Cases Beyond Trading and Payments

Validators who stake POL can benefit from three potential revenue streams — protocol rewards, transaction fees, and extra rewards. Not only can they validate multiple chains, but they can also take on multiple roles on a single chain, such as generating zero-knowledge proofs and joining DACs (Data Availability Committees).

In an AMA, co-founder of Polygon, Sandeep Nailwal, suggested that Web3 gaming will likely be one of the main drivers of widespread crypto adoption. He believes that the “real life” use cases of blockchain extend beyond trading and payments.

To conclude his thoughts, Nailwal stressed the importance of a “progressive decentralization of protocols and applications as they become increasingly significant.” He believes that crypto.com, fx crypto, crypto.com reddit, saitama crypto, tonic crypto today, polygon crypto today, motley fool crypto, spell crypto, top crypto sites, and vet crypto are all important in this process.

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