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Polygon proposes an upgrade to the multi-string POL symbol

Polygon has proposed to upgrade its MATIC code allowing it to be used across multiple threads.

The ever-evolving crypto ecosystem often goes through various updates to achieve the goal of scalability and overall adoption. The Ethereum Layer 2 solution, Polygon, has announced the renaming of its native token to POL to expand the scope of its ecosystem.

Polygon announced the upgrade

On Thursday, polygon subscriber Its proposal for a POL that can act as a single token for all Polygon chains, i.e. Polygon proof of stake (PoS), Ethereum zero-knowledge virtual machine (zkEVM), and Supernets.

Due to the upgrade of POL, validators can validate multiple threads, and each thread will provide multiple roles for validators.

  • Learn more about the polygon here.
  • Learn how to use Polygon Bridge here.

If the community accepts this proposal, MATIC tokens will be upgraded to POL at 1:1.

$5 target price?

However, POL White papers Received criticism from community members. One Twitter user, “John Doe,” highlighted the annual emission rate of 1% from POL supplies and wrote:

“The real reason token swap is always in the white paper, not in the tweet.”

Moreover, the white paper also estimates the average price of POL to be $5 over the 10-year period. Crypto guru Hitesh Malviya criticized the price target. he books on Twitter:

“I am critical of the way Polygon has shared a price target for $POL based on future growth. This could create unnecessary FOMO in the already uninformed crypto public.

Only a few people will notice the tokens, while most will stop by the $5 target given in the white paper. I don’t know why they did it, it could have been avoided.”

Screenshot from POL White papers

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