POLY

Introducing Polygon (POL): Polygon Proposes Technical Upgrade for MATIC Token

by BSCN

July 13, 2023

This upgrade, part of the Polygon 2.0 roadmap, aims to improve scalability and enable validation of multiple chains within the Polygon ecosystem.

POL: The Upgraded Ecosystem Token

In a major development, Ethereum Layer 2 scaling solution, Polygon, has unveiled its plans for a technical upgrade of its native MATIC token as part of the eagerly anticipated Polygon 2.0 roadmap. The proposed upgrade, pending community approval, would see the conversion of MATIC into Polygon (POL), a versatile token capable of validating multiple chains within the Polygon ecosystem. MATIC holders will have their tokens upgraded to POL in 1:1 ratio.

The primary objective of the proposed POL token is to ensure enhanced scalability across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets. This upgrade is designed to tackle scalability challenges while maintaining robust security measures.

If approved, an intriguing feature of the proposed POL token would be its ability to validate transactions across different chains, ushering in a new era of interoperability among various protocols within the network.

The migration process from MATIC to POL is expected to be a straightforward one. Token holders would be required to transfer their MATIC tokens to a designated smart contract, which would then facilitate the exchange for an equivalent number of POL tokens.

Ample Time for Upgrade

To ensure a smooth transition, Polygon has proposed a generous grace period of at least four years for token holders to complete the upgrade process. This extended timeframe allows users ample opportunity to adapt to the new token and make necessary adjustments.

It is important to note that the proposed upgrade is subject to approval from the Polygon community. Once the community consensus is reached, the migration to POL could commence within the next few months, as stated by the Polygon team.

What is Polygon:

Polygon is a “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.