CoinDesk Analysis Team
CoinDesk
A group of Polygon founders and researchers proposed a token upgrade that would replace the network's MATIC token with POL in a move that lets POL function as a single token for all Polygon-based networks.
These networks include the main Polygon blockchain, the Polygon zkEVM network, and various supernets – application-specific blockchains that run atop the main Polygon network.
The proposal lifted MATIC, which added as much as 2.6% to $0.747 in the first three minutes after the announcement.
If the proposal is accepted, network validators will be able to support the operation of multiple chains using a single token.
The upgrade to POL from MATIC requires a simple technical action – sending MATIC to the upgrade smart contract, which will automatically return the equivalent amount of POL. Token holders would be given ample time to upgrade, a proposed four years or more, if the community supports the move.
Every Polygon chain’s community will ultimately decide which token their chain will use for gas fees; some of them might choose POL. Holders will use POL to vote on governance proposals for decentralized applications built on Polygon, and all rewards will be distributed in POL.
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