Polygon Proposes Upgrading $MATIC to Multipurpose Token $POL

Polygon, the Ethereum scaling solution, has proposed a technical upgrade for its native $MATIC token as part of its Polygon 2.0 roadmap. $MATIC will be converted into Polygon ($POL), a token capable of validating multiple chains within the Polygon ecosystem.

The proposed $POL token is designed to operate across all Polygon protocols, including PoS, zkEVM, and Supernet. $POL will feature the ability to validate transactions across different chains, introducing a higher level of interoperability between the various protocols within the network. The overarching goal of the upgrade is to ensure the scalability of the ecosystem without compromising security.

The upgrade from $MATIC to $POL will require token holders to send their $MATIC to a specific smart contract, which will then return an equivalent number of $POL. If the community supports this, token holders may have four years or more to upgrade.

Related: Polygon Announces Polygon 2.0: Upgrading Protocol Architecture, Token Economics, and Governance

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