Holders of the upgraded crypto asset will be able to become validators and earn rewards, with POL allowing validators to validate as many chains as they like. Crypto-asset owners will have enough time to upgrade, such as four years or more, the developers assure us. If the community reaches consensus on the proposal, the migration could begin within the next few months.
Polygon Labs clarifies that the proposal is not related to the recent friction between U.S. regulators and cryptocurrency companies. In lawsuits against major cryptocurrency exchanges Binance and Coinbase the U.S. Securities and Exchange Commission (SEC) has labeled MATIC an unregistered security. However, Polygon Labs said the company has never focused only on the U.S. market.