Under the Polygon 2.0 proposal, the Polygon team decided to change the name of Polygon’s native token.
Polygon is a popular Proof-of-stake (PoS) blockchain network. Over the last couple of years, this project team showed a very high level of development activities in the crypto sector, to remain in the trend of top crypto projects. This crypto project team also grabbed huge attention from hiring YouTube gaming head Ryan Wyat as the CEO of Polygon’s NFTs & gaming subsidiary.
In the latest, the Polygon project team is working on the Polygon2.0 proposal to bring technicality levels of advancement in the Polygon blockchain network.
Under this proposal, they will also rebrand Polygon’s token name. The new name will be Pol token and Matic token holders will be able to swap in Pol tokens in the future any time, as per their self will.
The Polygon team confirmed that here they will only change the name of the token, not the number which means the Pol token will be in 1:1 to matic token supply.
After the completion of the Polygon 2.0 phase, the supply of Pol tokens will surge 2% every year, which will be inserted through Pol token stacking.
Following this news, the trade price of the Matic token surged by nearly 20% within 24 hours. However this was bullish news for Polygon’s native token but here we should not ignore that currently the crypto traders are excited to invest their money in Crypto assets, as the crypto industry is moving toward more clarity over the nature of the crypto assets, following the Ripple vs SEC lawsuit outcome.