Big Change: Polygon Replaces MATIC with New POL Token

Polygon, a well-known blockchain network, is undergoing a major transformation to a new version, Polygon 2.0. An important part of this transition is the introduction of a new token, POL, which will replace the current MATIC token.

This change, along with new developments and improvements, aims to transform the network and increase the scalability of Ethereum. Below we take a closer look at these exciting developments.

Introducing an enhanced token, POL

As part of the transition to Polygon 2.0, the team has proposed an improved token called POL. The team also proposes to abolish MATIC. With a newly designed system architecture, the Polygon team is now planning the launch of a brand new token to initiate the upgrade.

Polygon has launched the POL token, also called a “3rd generation token”, after Bitcoin and Ethereum. In terms of function, the new Polygon token will allow POL holders to also become validators within the network, allowing them to validate any number of chains and networks that Polygon seems to spawn on a daily basis.

The deprecation of the MATIC token

It is important to mention that this token is an upgrade of the MATIC token. The current MATIC tokens will therefore be converted.

A simple technical action is required — sending MATIC to the upgrade smart contract, which automatically returns the same number of POL tokens, Polygon said in a statement.

“Token holders would be given plenty of time to convert their tokens, maybe even 4 years or more. If there is consensus within the community in support of this proposal, the migration could begin within months.”

The vision of Polygon 2.0

Polygon is in the process of transforming to become a kind of network of networks, built to help Ethereum scale. The vision, first outlined last month, is called Polygon 2.0 and paints a picture of multiple Polygon-based chains, bridges, and the integration of privacy-enhancing zero-knowledge (ZK) proofs.

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“The vision for Polygon 2.0 is to create the Value Layer of the Internet,” Polygon co-founder Mihailo Bjelic said at the time. “In the same way that the internet enables anyone to create and exchange information, the Value Layer will enable anyone to create, exchange and program value.”

Conclusion

Polygon’s transition to version 2.0 promises an exciting future for the blockchain network. The introduction of the POL token and the deprecation of the MATIC token are part of this major change.

This innovative move aims to transform Polygon into a network of networks to help scale Ethereum. The ambition is to become a ‘Value layer of the Internet’, where value becomes as accessible as information on the current Internet. Despite technical challenges, Polygon strives to ensure a seamless transition for its users.

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