Polygon, the popular Ethereum scaling solution, has unveiled its plans for a technical upgrade to its native MATIC token as part of its Polygon 2.0 roadmap.
The proposed upgrade, pending community approval, would transform MATIC into POL, a token designed to enhance scalability and security within the Polygon ecosystem.
The primary objective of the proposed upgrade is to ensure the scalability of the Polygon ecosystem while maintaining a high level of security.
By converting MATIC into POL, Polygon aims to create a token that can be staked across multiple chains within the ecosystem.
This expanded functionality allows Polygon validators to secure transactions across different chains, enhancing the overall security and robustness of the network.
According to a Polygon spokesperson, the proposed POL token is intended to operate seamlessly across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets.
This means that POL will enable validators to secure transactions across various chains within the Polygon ecosystem, further strengthening the network’s overall security infrastructure.
The upgrade process from MATIC to POL is expected to be straightforward for token holders. They will be required to send their MATIC tokens to a specific smart contract, which will then facilitate the exchange for an equivalent number of POL tokens.
To ensure a smooth transition, Polygon has proposed a grace period of at least four years, allowing token holders ample time to complete the migration.
