According to The Block's report, as part of the transition to Polygon 2.0, the founding team has proposed an upgrade token called POL and the discontinuation of MATIC. This means that as the network evolves, POL will replace MATIC as the primary token within the Polygon ecosystem.
During the process of community approval, MATIC will be converted into Polygon (POL), which is a token capable of verifying multiple chains within the Polygon ecosystem.
The proposed POL token aims to operate across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and the Supernets. The overall goal of the upgrade is to ensure scalability of the ecosystem without compromising security. The distinctive feature of POL will be its ability to verify transactions across different chains, introducing a new level of interoperability among various protocols within the network.
Polygon has proposed to provide token holders with a lengthy grace period of at least four years to complete the upgrade process. This approach allows users a longer timeframe to adapt to the new token. The upgrade requires community acceptance, and the migration to POL may commence within a few months.