According to Cointelegraph, Ethereum Layer 2 development company Polygon proposed to upgrade the MATIC token to a multi-purpose token that can be used to verify multiple chains. MATIC's technical upgrade proposal still needs to be approved by the Polygon community. Once approved, MATIC will be upgraded to a multi-purpose token and renamed POL. POL's utility will cover all Polygon protocols, including Polygon PoS, zkEVM, and Supernets.