Polygon, the Ethereum scaling solution, is planning to take its token to another scale. If the update proposal is validated, the token should change from MATIC to POL, a move that should delight the entire community.
Polygon offers an upgrade for its native token MATIC
The crypto ecosystem is evolving and most ecosystems are doing everything to update themselves. In this momentum, Polygon suggests a change for its native crypto. This upgrade from MATIC to POL, in addition to being part of the Polygon 2.0 roadmap, will have several benefits.
According to a article from The Block, the POL token will have to work on all Polygon protocols, but also on Supernet, zkEVM and Proof of Stake (PoS). Because of this, it should have the ability to validate multiple strings. According to statements by a Polygon spokesperson, the new POL token will introduce a new level of interoperability between the various chains of the network if it is validated by the community.
This upgrade is very important for the blockchain, as it will ensure the scalability of the ecosystem without affecting security. But before getting there, the proposal would have to seduce the community.
A simple migration that puts holders first
Upgrades are nothing new in the crypto industry. More and more blockchains tend to evolve in order to offer the best services. With that logic, it’s no surprise that Polygon wants to push its token to another level.
But to do this, the scaling solution takes a simple approach. No hassle on the horizon, since MATIC holders would only have to send their tokens to a smart contract specific. In return, the latter would send them an equivalent number of POL tokens.
According to statements from the Polygon team, the upgrade is subject to community approval. If the latter validates it, the migration to POL should begin in a few months. However, the migration should be done over a long four-year period according to Polygon. This delay should give investors time to adapt to the new token.
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