As part of the network's transition to Polygon 2.0, the team behind the popular Polygon blockchain has proposed a new token dubbed POL that would replace the native token, MATIC. POL will serve as a single token for all Polygon-based networks, including the main blockchain, the application-specific blockchains, and the Polygon zkEVM network. The team defined POL as a third-generation token after Bitcoin (BTC) and Ethereum (ETH). - The new token will allow all the holders to become validators within the network and to support the operation of multiple chains using a single token.
- The Polygon team will share more details of the token's smart contracts at a later date.
- The switch from MATIC to POL will require a simple technical action: Sending MATIC to the upgrade smart contract.
- Following this simple action, the contract will automatically return the equivalent amount of POL.
- If the community agrees upon the proposed token upgrade, the migration will start within a few months.
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