Polygon suggests making MATIC a versatile token for all chains

Polygon, a development firm focusing on Ethereum layer 2 solutions, has proposed upgrading its native token MATIC into a multipurpose token that can be used to validate various chains.

The upgrade, subject to approval from the Polygon community, would result in the token being renamed to POL.

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The upgraded POL token would have utility across all Polygon protocols, allowing for scalability and security. Validators staking POL would have access to multiple incentive streams, including rewards from protocols, transaction fees, and additional rewards.

The proposed upgrade aims to enable infinite scalability and seamless interaction between different protocols. Polygon’s co-founder has expressed optimism about the role of Web3 gaming in driving crypto adoption and emphasized the importance of progressive decentralization as protocols and applications gain significance.

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