- Polygon Labs, the company responsible for the development of the Polygon ecosystem, has decided to change the name of MATIC
- The announcement of the next technical update, Polygon 2.0, included the news that POL will be the updated token of the Polygon protocol.
- If the Polygon community accepts this proposal from Polygon Labs, the protocol’s own token, MATIC, will henceforth be known as POL. The new POL token will also facilitate interoperability among various protocols within the network and have the capacity to validate transactions on different chains.
Four-Year Transition Period for the Change from MATIC to POL
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For the transition from MATIC to POL, a user-friendly process has been designed. Token investors will send their MATIC tokens to a specific smart contract and will receive an equivalent number of POL tokens in return. Token holders have a generous four-year period to send their MATIC tokens to this special contract.
Expected Start of Transition
According to a statement from the Polygon team, the start of the transition is expected to commence within a few months, depending on the reaction from the community.
The Impact of the Token Name Change
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The change of the token’s name from MATIC to POL is a significant move in the Polygon ecosystem. This change is expected to enhance the protocol’s functionality, particularly in terms of interoperability among various protocols within the network and the validation of transactions on different chains. The four-year transition period also allows ample time for token holders to adjust to the change.