The MATIC token of the network would be replaced with POL in a token upgrade proposed by a group of Polygon founders and researchers, enabling POL to serve as a single token for all Polygon-based networks.The primary Polygon blockchain, the Polygon zkEVM network, and numerous supernets—application-specific blockchains that sit atop the primary Polygon network—are among these networks.In the first three minutes following the announcement, MATIC increased by as much as 2.6% to $0.747 thanks to the proposal.
Network validators will be able to allow the functioning of several chains using a single token if the proposal is approved.Sending MATIC to the upgrade smart contract, which will instantly return the corresponding amount of POL, is the only technical activity needed to upgrade from MATIC to POL.If the community is in favor of the change, token holders would be given plenty of time to upgrade—a suggested four years or more.
Community members on each Polygon chain will ultimately determine which token will be used for gas fees, some may choose for POL.Decentralized applications developed on Polygon will allow holders to vote on governance ideas using POL, and POL will be used to distribute all rewards.