One of the most popular cryptocurrencies will be renamed — the new name is known

Polygon, a group of blockchain founders and researchers, has proposed to update the network’s token. The developers propose to rename MATIC to POL. This will allow the token to function as a single asset for all Polygon-based networks.

We are talking about Polygon zkEVM, as well as decentralized applications (dApps) running on the blockchain. According to CoinGecko, MATIC’s price increased by 18% per day and 28.8% per week. At the time of writing, the token is trading for $ 0.85, and the market capitalization is fixed at $ 7.97 billion.

If the proposed renaming initiative is adopted, all network validators will be able to support the operation of several chains at once using a single POL token. «Upgrading from MATIC requires a simple technical action,» the protocol developers emphasized. According to them, all you need to do is send MATIC to the update smart contract, which will automatically return an equivalent amount of POL digital assets.

Cryptocurrency owners will be given enough time to convert digital assets. According to preliminary data, the period will be 4 years or more if the community supports this transition.