Polygon proposes upgrading MATIC tokens to become POL
Polygon, the Ethereum scaling solution, has proposed a technical upgrade for its native MATIC token, as part of its Polygon 2.0 roadmap. Pending community approval, MATIC would be converted into Polygon (POL), a token capable of validating multiple chains within the Polygon ecosystem.
The proposed POL token is intended to operate across all Polygon protocols, including Proof of Stake (PoS), zkEVM and Supernets. The overarching aim of the upgrade is to ensure the scalability of the ecosystem without compromising security.
The feature of POL, if approved, would be its ability to validate transactions across different chains, introducing a new level of interoperability between the various protocols within the network, a spokesperson told The Block
The upgrade from MATIC to POL is planned to be straightforward. Token holders would be required to send their MATIC tokens to a specific smart contract, which would then return an equivalent number of POL tokens.
Four years to swap MATIC to POL
Polygon has proposed a lengthy grace period of at least four years for token holders to complete the upgrade process. This approach provides users with an extended timeframe to adjust to the new token.
The proposed upgrade is subject to endorsement from the Polygon community, underlining the platform’s commitment to a community-driven decision-making process. The migration to POL could begin within a few months, depending on the community consensus.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Vishal Chawla
