By Michael Scott
Polygon is mulling a technical upgrade for MATIC in a proposal subjected to the Polygon community for approval.
Besides upgrading MATIC into a multipurpose token, the proposal seeks to rename it POL. The Ethereum layer 2 developer targets upgrading the token to facilitate its use in validating multiple chains.
The announcement projects a widespread utility for POL across all Polygon protocols, including Supernets, zkEVM, and Polygon PoS. The announcement conveyed an optimistic message regarding the anticipated upgrade.
Benefits Attributed to the Polygon (MATIC) Upgrade
The announcement indicated that the upgrade would benefit all protocol participants, primarily actors in scaling, to guarantee support to the thousands of Polygon chains while sustaining the security safeguards.
The proposal portrays the POL utility as aligning and incentivizing the validators in executing beneficial tasks. The approval of the upgrade proposal will prompt the redesigned protocol architecture to unveil additional features. In particular, it would obligate the introduction of infinite scalability and frictionless interaction of protocols.
The proposal outlines the POL staking as capable of opening three unique incentive streams to accommodate validators in each set. Such would involve protocol rewarding, transaction fees, and subsequent rewarding.
The proposal restates that validators would assume additional roles beyond validating multiple chains. In particular, the validators can execute multiple roles within a single chain, such as generating zero-knowledge proof and involvement in the data availability committees.
Will Polygon Play Active Role in Web3 Gaming?
The proposal comes hot on the heels of Polygon co-founder Sandeep Nailwal projecting a facilitative input of Web3 gaming as the lead driver of mass crypto adoption.
Nailwal’s response during an inquiry on the real-life application of blockchain technology besides trading and payments indicated facilitating the gaming ecosystem. He explained the response by citing the probability of top games launching within the Web3 ecosystem in a period ranging from 0.5 to 1.5 years.
Nailwal admits it would be exciting if several games launching on the Web3-based ecosystem withstand the test times to crack the crypto code. He revisited 2022 when Web3 games received over $2 billion in funding. Nonetheless, he restated the need to nurture progressive decentralization for the existing applications and protocol. Its achievement will deliver widespread utilization, thus, larger significance.
MATIC Market Outlook
A review of the Polygon (MATIC) performance shows the token is exchanging hands at $0.831254 today. It represents a 15.57% rally in the price for the past 24 hours, while its seven-day run is 22.93%. The 9.3 billion MATIC tokens translate to a market capitalization of $7.737 billion from the existing supply in circulation.
A detailed Polygon (MATIC) trading volume assessment shows increased market activity. In particular, the trading volume rose by 226.2% in the past 24 hours to realize $792.722 million.
The MATIC price portrays sustained bullish momentum to its all-time high this year. Nonetheless, MATIC is exchanging hands 71.40% below the all-time high of $2.92 realized on December 27, 2021. Extending the comparative analysis of MATIC performance today shows the token is trading at 26, 433 % higher than the $0.00314376, the lowest price realized on May 10, 2019.
Polygon (MATIC) Sustain Bullish Momentum Amid XRP-Led Market Boom
Polygon (MATIC) performance replicates the general trend in the crypto industry today, with most tokens in the green. Nonetheless, the altcoins are playing catchup to the breakaway bullish momentum portrayed by Ripple (XRP), which rose by over 70% in the past 24 hours. The uptrend arises from the Ripple triumph against SEC in a court ruling that affirmed XRP is not a security.
Polygon is riding on the bullish market trend to realize a market cap of $7.737 billion to tank the eleventh largest crypto, as per CoinGecko data.
A comparative assessment of Polygon shows that its price increased by 22.90% in the past seven days, outperforming the entire crypto market, which grew by 5.60%. Also, Polygon (MATIC) is outperforming the Ethereum ecosystem, which gained 12.70%.