MATIC Volume Up 55% as Polygon Labs Unveils Technical Upgrade to Migrate MATIC to POL

Polygon proposes upgrading MATIC tokens to POL, with hyperproductive features offering multiple roles and rewards for validators.

Polygon Labs, the development and growth team behind Polygon Networks, has announced an exciting proposal to upgrade MATIC tokens. In a recent tweet, it unveiled the next technical proposal, which involves introducing POL as the upgraded token of the Polygon blockchain.

1/ Today, the next technical proposal of Polygon 2.0 is unveiled:

POL, the upgraded token of the Polygon protocol! 💫

POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.

Watch the video to get an idea how cool it is, then 🧵 pic.twitter.com/Gn7KcHpWEY

— Polygon (Labs) (@0xPolygonLabs) July 13, 2023

The team at Polygon Labs envisions POL as the next-generation native token specifically invented to secure, align, and foster the growth of the Polygon ecosystem. It released a short video showcasing the impressive features POL comes with.

MATIC Community Has to Decide First

Notably, Polygon stated the upgrade to the POL token would not come automatically unless the community of MATIC holders reached a consensus to adopt the update. After reaching the agreement, the migration is expected to start in a few months, with MATIC investors migrating their tokens in a one-to-one ratio to POL.

According to the official statement, this migration would ensure that only one native token, POL, remains, eliminating the existence of two separate tokens. Interestingly, the conversion to POL requires merely sending MATIC to the upgrading smart contract, which instantly replaces the corresponding amount of POL.

Additionally, according to the official blog post from Polygon, MATIC investors would have at least four years to carry out the upgrade.

POL Outsmarts BTC and ETH

Speaking about what makes POL special, Polygon Labs draws a parallel with Bitcoin’s BTC, arguing that BTC has been a successful yet unproductive coin since its investors cannot actively participate in the protocol and be awarded for their involvement.

On the other hand, the team highlighted Ethereum’s ETH is a fruitful coin, allowing holders to become validators and receive fees. It contented that POL, as the third generation of native assets, is a hyperproductive token that combines the benefits of both BTC and ETH.

4/ POL is the 3rd generation of native assets – a hyperproductive token. 🤯

Holders can become validators and receive rewards, but with two major improvements:

🔥 Validators can validate MULTIPLE CHAINS
🔥 Chain can offer MULTIPLE ROLES (and corresponding rewards) to validators

— Polygon (Labs) (@0xPolygonLabs) July 13, 2023

It revealed that while holders can become validators earning profits, they will have the ability to validate multiple chains and the option for chains to offer multiple roles, each associated with its own set of rewards, to validators.

Increased Interest in MATIC

According to data from CoinMarketCap, MATIC, the current native token of the Polygon Network, has seen a cumulative seven-day growth of over 15%. Additionally, its 24-hour trading volume stands at $476,593,308, representing a 55.67% increase from the past day.

While MATIC currently trades at $0.7586, the surge comes amid the merger performances of most of the top ten major cryptocurrencies.