Polygon, an Ethereum layer-2 scaling solution, has proposed upgrading its Polygon MATIC token to a multipurpose token that can be used to validate different chains.
Polygon Proposed Upgrading MATIC Token to Multipurpose Token
The Polygon community must approve the planned update before the MATIC token will be rebranded to POL.
Protocol incentives, transaction fees, and additional rewards are three incentive streams that POL staking can make available to validators. Features like infinite scalability and no friction between any two protocols will be introduced via the revised protocol architecture.
According to Sandeep Nailwal, co-founder of Polygon, said:
“[There is a need for] progressive decentralization of protocols and applications as they achieve larger and larger significance."