A new upgrade has been proposed for the popular altcoin Polygon, which ranks 12th by market cap.
As Coindesk reports, a group of Polygon founders and researchers has proposed an upgrade that envisions the replacement of the Polygon network’s native token, MATIC, to POL.
If this upgrade is approved, the Polygn network’s token, MATIC, will change to POL and POL will become a multipurpose token that can be used to authenticate multiple Polygon-based networks.
If this proposal is approved, network validators will also be able to support the operation of multiple chains using a single token (POL).
It was stated that upgrading MATIC to POL would be simple. Users with MATIC tokens need to send their MATIC to a specific smart contract that will convert an equivalent number of POL tokens.
This upgrade is expected to be completed in four years or more, indicating that users will have ample time to convert their MATIC to POL.
After the news of the upgrade, Polygon (MATIC) gained about 3.15% and went up to $ 0.7535. MATIC is trading at $0.7480 at the time of writing.
*Not investment advice.