Polygon suggests renaming MATIC tokens POL

Polygon has suggested a technological improvement to its MATIC native coin.

As part of the Polygon 2.0 plan, the Ethereum scaling solution Polygon has suggested a technological improvement for its native MATIC coin.

For the Polygon ecosystem, MATIC would be exchanged for Polygon (POL), a token that may be staked on various chains, pending community approval. Overall, the purpose of the update is to strengthen the ecosystem’s capacity to scale without sacrificing security.

A Polygon representative informed The Block that the company’s planned POL coin is designed to be compatible with all of Polygon’s protocols, including Proof of Stake (PoS), zkEVM, and Supernets. This implies that Polygon validators can ensure the safety of transactions on all chains.

Assuming everything goes as planned, switching from MATIC to POL should be effortless. Those who have MATIC tokens would have to deposit them into a designated smart contract in exchange for a proportional amount of POL tokens.

Polygon has recommended allowing token holders at least four years to finish the upgrading process. A longer transition period to the new token is provided by this method.

The upgrading proposal is contingent on receiving backing from the Polygon community. Depending on the consensus of the community, the team claimed that the transition to POL may begin in a matter of months.

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