Polygon, an Ethereum layer-2 development firm, has proposed a technical upgrade for its Polygon token (MATIC). This upgrade aims to transform MATIC into a multipurpose token that can be utilized to validate multiple chains. As a matter of fact, the proposal is currently awaiting approval from the Polygon community, and if accepted, MATIC will be renamed to POL.
Additionally, the upgraded POL token will offer extensive utility across all Polygon protocols, including Polygon PoS, zkEVM, and Supernets. This proposed upgrade aims to enable protocol participants to scale their support for thousands of Polygon chains without compromising security.
Enhanced Features and Benefits
Furthermore, the redesigned protocol architecture will introduce several new features, including infinite scalability and seamless interoperability between protocols. These advancements are expected to facilitate frictionless operations between different protocols and provide enhanced scalability to support a multitude of chains.
Also, POL staking will create three incentive streams for validators. Validators will receive protocol rewards, transaction fees, and additional rewards for their participation. With the ability to validate multiple chains, validators can also take on multiple roles within a single chain, such as generating zero-knowledge proofs and participating in data availability committees.
The Role of Web3 Gaming
Polygon co-founder Sandeep Nailwal has expressed his belief in Web3 gaming as a key driver for widespread cryptocurrency adoption. In an ask me anything session, Nailwal highlighted the significant funding received by Web3 games, emphasizing the potential for these games to crack the crypto code. He predicts that the launch of several high-profile Web3 games within the next 6-18 months will further accelerate adoption.
Furthermore, Nailwal emphasized the importance of progressive decentralization as protocols and applications gain increasing significance. This approach ensures the gradual distribution of control and decision-making power to the community, ultimately leading to a more decentralized ecosystem.