Polygon Founders Propose Token Name Change from MATIC to POL - COINTURK NEWS
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Polygon Founders Propose Token Name Change from MATIC to POL

In Brief

  • A group of Polygon founders suggests a token name change from MATIC to POL.

  • If accepted, the change will pave the way for a single token system across all Polygon-based networks.

  • The switch will inevitably lead Polygon chains to continue with POL due to governance and rewards mechanisms.
1:33 am (83 days ago)
July 14, 2023

A group of Polygon founders and researchers have put forth a proposal to change the name of the network’s native asset, MATIC, to POL. The proposal would ensure the token’s use across all Polygon-based networks. Should the proposal be accepted, MATIC’s name will change to POL.

Polygon’s MATIC Could Become POL

A group of Polygon founders and researchers proposed a move that would allow POL to serve as a single token for all Polygon-based networks by suggesting a name change from MATIC token to POL.

Among the Polygon-based networks are the Polygon Blockchain, Polygon zkEVM, and several supernets, which are application-specific blockchains that run on the main Polygon network. If the proposal is accepted, network validators will be able to support the operation of multiple chains using a single token.

After the proposal for change, MATIC’s price increased by over 5%, reaching up to $0.78.

The Proposal Opens Up More Use Cases for MATIC

The change from MATIC to POL will be achieved with a simple technical process. MATICs will be sent to the updated smart contract, and each sent MATIC token will automatically be converted to an equivalent amount of POL by the smart contract. If the Polygon community supports the proposed change, token owners will be given four years or more to update their MATICs.

The decision on which token to use for transaction fees on their chains will be left to the community of each Polygon chain. Some might prefer to use POL, while others might prefer to use MATIC. However, only POL will be used for voting on governance proposals for decentralized applications (dApps) built on Polygon, and all rewards will be distributed as POL. Therefore, it seems inevitable that Polygon chains will continue with POL.

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