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Over the past day, the worth of the Polygon native token, MATIC, has been on the rise, pushed upward by a single improve proposal. With the proposal gaining traction, will the worth proceed to rise, and is it too late to purchase MATIC?
New Proposal To Change MATIC To POL
In an attention-grabbing flip of occasions, Polygon founders have prompt an overhaul of the Layer-2 blockchain’s native MATIC token in favor of a brand new token. The proposal includes upgrading the present token in an effort to vary and enhance its capabilities, which transcends simply its native chain to different chains.
A brand new token identify (POL) was proposed in lieu of MATIC, which a lot better displays the Polygon identify. The improve is centered on this POL token which might enable for higher scalability in addition to assist to carry extra rewards for Polygon’s validators. The token could be operable throughout all Polygon networks, corresponding to Polygon’s most important blockchain and Polygon’s zkEVM, along with different supernets that run on Polygon.
Polygon says it plans to create three new layers of rewards for its validators, together with transaction charges, protocol rewards, in addition to different rewards to be made accessible to validate throughout a number of chains. Principally, the POL token will likely be to incentivize the validators who assist to safe the community.
MATIC value up 5% in someday | Supply: MATICUSD on Tradingview.com
The proposal by the founders is but to go because the Polygon group will nonetheless have to vote on it. Nevertheless, if it does go, the founders have proposed that each one MATIC holders will likely be supplied as much as 4 years to change their tokens for POL.
Polygon Token Worth Soars
Following the announcement of this proposal, the worth of Polygon’s MATIC token has responded positively. The token which had been buying and selling sideways for many of this week rapidly noticed a reversal and recorded over 5% in every day positive factors.
MATIC’s positive factors to this point have seen it emerge because the second-highest gainer on Coinmarketmap, following behind SingularityNET’s AGIX. The worth has now moved from trending beneath $0.73 to sitting firmly above $0.76 on the time of this writing.
MATIC is second-highest gainer on Coinmarketcap | Supply: Coinmarketcap
Nevertheless, regardless of the worth enhance, the worth of MATIC nonetheless sits significantly decrease than it did 5 months in the past. On condition that its value is sitting virtually 50% decrease than its February excessive of $1.5, this might current a possibility to benefit from MATIC’s low value.
If the proposal passes, then it might be bullish for the digital asset, as already demonstrated over the previous day. And if the crypto market continues to recuperate, then MATIC might be trying towards breaking the $1 resistance within the close to time period.
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