Ethereum

Polygon

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 Polygon, the prominent Ethereum layer 2 scaling solution, is making strides towards a significant upgrade, changing its token from $MATIC to $POL.&nbsp; $POL token to have increased functionality 
 The team behind Polygon has put forward a proposal that could change the game for its native token, $MATIC. This isn't just a minor tweak; it's part of the grand plan for Polygon 2.0., and if the community gives the green light, $MATIC tokens will transform into Polygon ($POL) tokens.&nbsp; 
 But these aren't just any tokens. $POL tokens will have the power to be staked across multiple chains within the Polygon ecosystem. This isn't just about changing the name; it's about boosting the scalability of the ecosystem without putting security on the line. The new $POL token won't be confined to a single protocol. It's designed to be a jack-of-all-trades, operating across all Polygon protocols. That includes Proof of Stake (PoS), zkEVM, and Supernets.&nbsp; What does this mean for Polygon validators?&nbsp; 
 They'll have the ability to secure transactions across different chains, making the ecosystem even more robust. If $MATIC token holders are wondering what this means for them. Well, the transition from $MATIC to $POL is designed to be one easy and smooth transaction. A holder would just need to send their $MATIC tokens to a specific smart contract in order to receive an equivalent number of $POL tokens.&nbsp; An upgrade to enhance Polygon ecosystem 
 In addition, in order for everyone to get adjusted to the new $POL token, the Polygon team is thinking of allocating a period of at least four years for token holders to complete the upgrade process, which is probably plenty of time to get used to the new token and its functionalities.&nbsp; 
 The proposed upgrade is still to be signed off by the Polygon community, and if they give the thumbs up, the migration to $POL could happen in the near future.&nbsp; 
 Polygon’s proposed upgrade is an exciting development for the entire ecosystem. Should the upgrade be approved it has the potential to push Polygon further to the forefront of the Ethereum layer 2 race. 
 Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.&nbsp;
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Polygon $MATIC to become $POL

Crypto Daily™

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