Polygon proposes upgrading MATIC tokens to become POL

Quick Take

Polygon has proposed a technical upgrade for its native token MATIC.

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 being staked across multiple chains within the Polygon ecosystem. The overarching aim of the upgrade is to ensure the scalability of the ecosystem without compromising security.

The proposed POL token is intended to operate across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets, a Polygon spokesperson told The Block. This means it will allow Polygon validators the ability to secure transactions across different chains.

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. The migration to POL could begin within a few months, depending on the community consensus, the team said.