The Ethereum scaling solution called Polygon has presented a technical upgrade of its native token MATIC as a crucial aspect of its Polygon 2.0 roadmap. Although the community approval is pending, the upgrade will change MATIC to POL, becoming a token with the ability to validate multiple chains within the Polygon ecosystem.
The suggested POL (Polygon) will function across all Polygon protocols, including zkEVM, Proof of Stake (PoS), and Supernets. The primary focus of the upgrade will be elevating the ecosystem’s scalability and ensuring maximum security without compromises.
POL Features
If POL gets approved, its feature would include the ability to affirm transactions across different chains. Further, it intends to introduce a new interoperability level between the various protocols within the network. All these details were shared by a spokesperson to the Block.
Moreover, the planned upgrade would be a straightforward procedure. All the token holders will have to do is send their MATIC tokens to a particular smart contract, which will return equal POL tokens.
Lengthy Grace Period Available
Polygon has offered a lengthy grace period to the token holders to get their tokens upgraded. It includes a minimum of four years, which allows token holders an extended timeframe to adjust to the new ones.
The team stated that the Polygon upgrade will begin within three months as and when the community consensus happens. This project is subject to endorsement by the Polygon community.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
