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Polygon wants to change its token in network transformation

Polygon 2.0 brings major improvements to crypto network

You may have already seen it in the altcoin news: Polygon (MATIC), the popular scaling network for Ethereum (ETH), is currently working on an improved version of its ecosystem. The redesign, also called Polygon 2.0, also includes plans for changing its native token.

MATIC becomes POL

A group of Polygon founders and researchers have proposed a token upgrade that would transform the well-known MATIC token into POL, a token that can be staked on multiple chains within the ecosystem.

However, the proposal for the technical upgrade will first have to get the green light from the Polygon community. When consensus is reached to implement the upgrade, MATIC holders will be able to upgrade their coins 1:1 to the new POL tokens. An important sidenote is that the two tokens will not coexist: the ecosystem will completely switch to the new POL token in case of approval.

To convert the tokens, MATIC holders have to send their coins to a specific smart contract which then returns an equal number of POL tokens.

Polygon Labs labels POL as the ”3e generation of native assets – a hyper-productive token”. The proposed token is intended to allow holders to validate an undetermined number of Polygon protocols, including Proof of Stake (PoS), zero knowledge Ethereum Virtual Machine (zkEVM) and supernets. Supernets are also application-specific blockchains that run on top of the Polygon network.

Polygon 2.0

Through the new era of the Ethereum scaling solution, Polygon Labs aims to democratize access to economic resources. In addition to the changing tokenomics Polygon’s vision includes sweeping changes in architecture and governance.

The vision paints a picture of a ‘multi chain’ design in which you can easily set up new chains in the ecosystem. Being there bridges and the integration of privacy-enhancing ZK proofs important parts of Polygon 2.0.

Mihailo Bjelic, co-founder of Polygon, said of the major improvements:

“The vision for Polygon 2.0 is to create the value layer of the Internet. Just as the internet enables anyone to create and exchange information, the value layer will enable anyone to create, exchange and program value.”

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