Polygon to Replace MATIC with a New and Upgraded POL Token

Updated: 13 July 2023

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The team at Polygon is continuing with its plans to redesign the system’s architecture and upgrade to Polygon 2.0.

However, with a recent proposal, the team revealed its intention to replace the project’s native token, MATIC, with a new and improved cryptocurrency called POL.

What is POL?

According to Polygon, POL would be a 3rd generation token, with Bitcoin being a 1st-gen crypto, and Ether being the 2nd-gen coin. Regarding function, POL would allow users to become validators within its network, with the ability to validate any number of networks and chains that the project seems to be spawning daily.

4/ POL is the 3rd generation of native assets – a hyperproductive token. 🤯

Holders can become validators and receive rewards, but with two major improvements:

🔥 Validators can validate MULTIPLE CHAINS
🔥 Chain can offer MULTIPLE ROLES (and corresponding rewards) to validators

— Polygon | Aggregated (@0xPolygon) July 13, 2023

As for the original cryptocurrency, MATIC, it would simply be deprecated during the upgrade to Polygon 2.0. The project announced its idea on Twitter, stating that POL was designed to secure, grow, and align the project’s entire ecosystem.

1/ Today, the next technical proposal of Polygon 2.0 is unveiled:

POL, the upgraded token of the Polygon protocol! 💫

POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.

Watch the video to get an idea how cool it is, then 🧵 pic.twitter.com/Gn7KcHpWEY

— Polygon | Aggregated (@0xPolygon) July 13, 2023

The team promised to share all the details regarding the token’s smart contracts in a future Polygon Improvement Proposal (PIP).

Polygon will only have one native cryptocurrency

Of course, anyone who holds MATIC at the time of the upgrade would have their tokens upgraded to POL in a 1:1 ratio. The project promised that it would never feature two native tokens.

According to Polygon’s statement, users would only need to go through a simple technical action to have their tokens replaced.

The project said:

The upgrade from MATIC to POL would require a simple technical action – sending MATIC to the upgrade smart contract, which will automatically return the equivalent amount of POL. Token holders would be given ample time to upgrade, e.g. 4 years or more. If the community consensus is gathered in support of this proposal, the migration could start within months.

What is the goal of Polygon 2.0?

Polygon intends to become a network of networks, with its long-term goal being to help scale Ethereum. The vision was named Polygon 2.0 and was first laid out about a month ago.

The team proposed an ecosystem consisting of multiple Polygon-based chains, bridges, and even the integration of ZK proofs, for enhancing privacy.

The project’s co-founder, Mihailo Bjelic, stated that the idea is for Polygon to create a Value Layer of the Internet, similar to how the internet allows anyone to create and exchange information seamlessly. The Value Layer would, therefore, allow anyone to create, exchange, and even program value.

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