Polygon, a prominent Ethereum scaling solution, has unveiled plans to upgrade its native MATIC token to POL. The proposed upgrade aims to enhance the scalability and security of the Polygon ecosystem.
Under the proposed upgrade, MATIC tokens will be converted to POL tokens. POL tokens will be able to be staked across multiple chains within the Polygon network.
This will allow Polygon validators to secure transactions across different chains, strengthening the overall security and efficiency of the network.
The transition from MATIC to POL is expected to be a simple process for token holders. Users will be required to send their MATIC tokens to a specific smart contract, which will then facilitate the conversion and return an equivalent number of POL tokens.
Polygon has proposed a grace period of at least four years for completing the upgrade process. This extended timeframe allows token holders to familiarize themselves with the POL token and adapt to the changes gradually.