Share this article
Polygon Proposes Token Switch From MATIC to POL for More Utility
If approved by the community, POL will work as a multipurpose token that can be used to validate multiple Polygon-based networks.
Updated Jul 13, 2023, 9:45 a.m. Published Jul 13, 2023, 9:30 a.m.
A group of Polygon founders and researchers proposed a token upgrade that would replace the network's MATIC token with POL in a move that lets POL function as a single token for all Polygon-based networks.
These networks include the main Polygon blockchain, the Polygon zkEVM network, and various supernets – application-specific blockchains that run atop the main Polygon network.
STORY CONTINUES BELOW
The proposal lifted MATIC, which added as much as 2.6% to $0.747 in the first three minutes after the announcement.
If the proposal is accepted, network validators will be able to support the operation of multiple chains using a single token.
The upgrade to POL from MATIC requires a simple technical action – sending MATIC to the upgrade smart contract, which will automatically return the equivalent amount of POL. Token holders would be given ample time to upgrade, a proposed four years or more, if the community supports the move.
Every Polygon chain’s community will ultimately decide which token their chain will use for gas fees; some of them might choose POL. Holders will use POL to vote on governance proposals for decentralized applications built on Polygon, and all rewards will be distributed in POL.
UPDATE (July 13, 9:45 UTC): Adds token reaction in third paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Solana’s Drift Launches v3, With 10x Faster Trades
With v3, the team says that about 85% of market orders will fill in under half a second, and liquidity will deepen enough to bring slippage on larger trades down to around 0.02%.
What to know:
- Drift, one of the largest perpetuals trading platforms on Solana, has launched Drift v3, a major upgrade meant to make on-chain trading feel as fast and smooth as using a centralized exchange.
- The new version will deliver 10-times faster trade execution thanks to a rebuilt backend, marking the largest performance jump the project has made so far.
Top Stories
