Polygon Outlines Launch of New POL Token in Latest Network Upgrade

With a newly redesigned system's architecture, the team behind Polygon is now looking to launch an upgraded token to christen the upgrade.

Called POL, Polygon has dubbed the token a "3rd generation token" after Bitcoin and Ethereum. In terms of function, the new Polygon token will let POL holders also become validators within the network, allowing them to validate any number of chains and networks that Polygon is seemingly spawning every day.

Importantly, this token is an upgrade from the MATIC token, which will be deprecated as part of the move.

The Polygon team will share more details of the token's smart contracts in a yet-to-be-posted Polygon Improvement Proposal (PIP).

"The upgrade from MATIC to POL would require a simple technical action – sending MATIC to the upgrade smart contract, which will automatically return the equivalent amount of POL," Polygon said in a statement shared with Decrypt. "Token holders would be given ample time to upgrade, e.g. 4 years or more. If the community consensus is gathered in support of this proposal, the migration could start within months."

Polygon is pivoting to become a sort of network of networks built to help scale Ethereum.

The vision, first laid out last month, has been termed Polygon 2.0 and paints a picture of multiple Polygon-based chains, bridges, and the integration of privacy-enhancing zero-knowledge (ZK) proofs.

"The vision for Polygon 2.0 is to create the Value Layer of the Internet," Polygon co-founder Mihailo Bjelic said at that time. "In the same way that the Internet allows anyone to create and exchange information, the Value Layer will allow anyone to create, exchange, and program value.”