Polygon Upgrading Native Token from MATIC to POL
The Polygon ecosystem is undergoing significant changes as part of its 2.0 roadmap, with the first change being an upgrade of its native token from MATIC to POL. Polygon Labs released three proposals for community feedback in September 2023, and developers have now taken a major step towards the upgrade.
Polygon developers announced on Twitter that contracts for POL are now available for testing on Ethereum’s Goerli testnet. This means that developers and interested users can directly interact with and try out some of the capabilities of the new token.
The launch of POL contracts on the testnet is a crucial milestone in the MATIC to POL upgrade and Polygon’s move towards a multichain future, according to Polygon Labs executive chairman Sandeep Nailwal.
New Proposals in Response to Community Feedback
In addition to making POL contracts available for testing, Polygon Labs has unveiled two new proposals in response to community feedback on the initial Polygon 2.0 Polygon Improvement Proposals (PIPs) released in September 2023.
One proposal, PIP-24, suggests changing the Polygon burn address in preparation for modifications to the Polygon Plasma bridge. The other proposal, PIP-25, aims to ensure that POL accurately reflects the current MATIC supply by considering tokens already taken out of circulation through burns.
Developers must implement these proposed changes before proceeding with the MATIC to POL upgrade.
POL: The Native Token for a Multichain Ecosystem
POL will serve as the native token for Polygon’s envisioned ecosystem of zero-knowledge-powered Layer 2 chains. Holders of POL will be able to validate transactions across multiple networks and earn rewards. Unlike MATIC, which has a fixed supply, POL will be an inflationary token designed to accommodate the ecosystem’s growth, with its supply increasing by 2% annually.
Developers plan to submit more Polygon 2.0 proposals for governance in the coming weeks as they continue to push towards a multichain ecosystem.
Hot Take: Polygon Progresses Towards a Multichain Future
Polygon is making significant strides towards its goal of becoming a multichain ecosystem. With the availability of POL contracts for testing on Ethereum’s Goerli testnet, developers and users can now directly engage with the capabilities of the upgraded native token. The release of two new proposals shows Polygon Labs’ commitment to incorporating community feedback and ensuring that the MATIC to POL upgrade is well-implemented. POL will serve as the native token for Polygon’s zero-knowledge-powered Layer 2 chains, providing holders with opportunities to validate transactions across multiple networks and earn rewards. As developers continue to work on governance proposals, Polygon is steadily moving towards its vision of a thriving multichain future.
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