Polygon Proposes One Token for All Chains in 2.0 Roadmap
Polygon’s team introduced a 2.0 roadmap last month, an initiative to create a unified network of multiple chains. As part of this initiative, Polygon researchers submitted a new proposal to create a new token, POL, which would replace MATIC and act as a single token for all Polygon networks.
One Token for All Networks
Founders and researchers of Polygon, a blockchain network that seeks to create a multi-chain system compatible with Ethereum, proposed replacing the blockchain’s current token, MATIC, with a new token called POL. According to the proposal, POL would serve as a universal token for all Polygon-based networks, including the main Polygon chain, the Polygon zkEVM network, and several other supernets.
If approved, the move would allow network validators to support the operation of multiple blockchains using a single token. To upgrade MATIC to POL, developers must send the former token to the upgrade smart contract, which will automatically return the equivalent number of new POL tokens.
“As the successor of MATIC, POL is envisioned to become an instrumental tool for coordination and growth of the Polygon ecosystem and the main driver of the vision of Polygon as the Value Layer for the Internet.”
– Polygon researchers wrote in the POL whitepaper.
Further, if the community votes in favor of the proposal, token holders would have at least four years to upgrade.
The proposal for a new token comes roughly a month after Polygon unveiled plans to overhaul its ecosystem and create a symbiotic network of multiple chains – an effort dubbed Polygon 2.0. According to the team behind the project, the 2.0 version would set up a future path for its proof-of-stake (PoS) chain and bring further utility to MATIC, which was recently delisted from several trading platforms.
In the framework of the 2.0 upgrade, Polygon said it would link different Polygon chains through a shared crypto bridge based on zero-knowledge (ZK) proofs – one of the most advanced blockchain technologies. This new architecture would create a coordination layer aimed at confirming cross-chain transactions.
“Polygon 2.0 is a network of ZK-powered L2 chains, unified via a novel cross-chain coordination protocol. For a user, the entire network will feel like using a single chain.”
– Polygon team wrote in the 2.0 announcement.
Earlier this year, Polygon Labs reduced its headcount by 20%, affecting 100 job positions. Polygon said the decision was part of the project’s efforts to consolidate multiple business units but also due to persisting crypto winter.
This article originally appeared on The Tokenist
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