Polygon Announces Technical Improvement Plan: Migration From MATIC To POL

Polygon MATIC crypto assets. (Photo; Doc. Mtpelerin)

JAKARTA - The successful Ethereum scale platform, Polygon, recently announced an interesting plan to increase its original token, MATIC. In a step towards the comprehensive emergence of Polygon 2.0, Polygon has proposed the conversion of MATIC into Polygon (POL), a token that will operate in various chains within the Polygon ecosystem.

This improvement proposal aims to increase the scale, security and user experience of the platform. However, the determination of the migration time from MATIC to POL still depends on the approval of the Polygon community. The Polygon team has stated that the migration process can begin within months of approval.

According to a Polygon spokesperson, the proposed POL tokens will operate smoothly on all platforms, including Proof of Stake (PoS), zkEVM, and Supernets. It aims to take full advantage of Polygon's ecosystem potential and allow Polygon's validators to secure transactions across different chains in the network.

The upgrade process from MATIC to POL is designed to make it easy and user-friendly. MATIC token holders will be asked to follow a simple procedure to convert their token into a POL token. This process involves sending MATIC tokens to a smart contract appointed by Polygon. This smart contract will facilitate conversion and return the equivalent number of POL tokens to token holders.

To start the upgrade, token holders must send their MATIC token to a designated smart contract. After sending the MATIC token and transaction verification, the equivalent number of POL tokens will be sent back to the token holder's wallet address. This process is given a grace period of four years for token holders to complete migration.

Polygon continues to forge partnerships with industry-leading projects and platforms. Collaboration with projects like Alex The Doge (ALEX) provides new opportunities for the growth and utilization of tokens. This integration allows ALEX to take advantage of the scalability of the Polygon network and its security features. This kind of collaboration demonstrates Polygon's commitment to supporting the growth of the new POL token ecosystem.