MATIC 2.0 Token Migration: Polygon’s Latest Upgrade

• Polygon has launched its latest upgrade, Polygon 2.0, which includes a migration from MATIC to POL tokens.
• The migration process will begin with Phase 0 of the protocol architecture upgrade, which will see the release of three Polygon Improvement Proposals (PIPs).
• The first set of upgrades is aimed at initiating the migration process from MATIC to POL tokens.
• The POL token will serve as the native token for Polygon’s Proof of Stake (PoS) and as the designated staking token for the PoS network.
• The transition from MATIC to POL will not affect any contracts on the network.
• The ultimate goal of Polygon 2.0 is to construct a network of interconnected, zero knowledge-powered Layer 2 chains that scale Ethereum to the size of the Internet.

Polygon, a prominent player in the blockchain space, has launched its latest upgrade, Polygon 2.0, which includes a migration from MATIC to POL tokens. This eagerly awaited upgrade encompasses a migration from MATIC to POL tokens and the deployment of a staking layer.

Phase 0

The migration process will begin with Phase 0 of the protocol architecture upgrade, which will see the release of three Polygon Improvement Proposals (PIPs). Notably, phase 0 of the Polygon 2.0 upgrade aims to ensure that users and developers on Polygon PoS and Polygon zkEVM chains won’t need to take any additional actions.

To achieve this, a couple of changes will be made to the Ethereum contracts, starting with the initiation of the upgrade from MATIC to POL, and the upgrade from MATIC to POL as the native (gas) token for Polygon PoS. Additionally, the proposed changes will also introduce the upgrade from MATIC to POL as the staking token for Polygon PoS, followed by the launch of the Staking Layer and the migration of Polygon public chains to leverage it.

The POL Token

The POL token will not only serve as the native token for Polygon’s Proof of Stake (PoS) but also as the designated staking token for the PoS network. The team revealed that the transition will not affect any contracts on the network.

“This upgrade will not change any of the contracts on Polygon PoS, and the native token’s properties will remain unchanged. All contracts on Polygon PoS will function as currently designed. Contracts on Ethereum expecting MATIC from the native MATIC Bridge may be affected by this upgrade.”

Future Vision

The ultimate goal of Polygon 2.0 is to construct a network of interconnected, zero-knowledge-powered Layer 2 chains that scale Ethereum to the size of the Internet. According to an announcement by Polygon Labs, feedback from community members will be taken into account when official change proposals are published.

Matic 2.0 has the potential to significantly impact yield farms on its network. With the upgrade, Polygon aims to enhance scalability, security, and functionality, offering users a faster and more efficient experience. The improved scalability allows for increased transaction throughput and reduced gas fees, making yield farming more accessible and cost-effective.

Additionally, Polygon’s enhanced security measures and interoperability enable seamless integration with various DeFi protocols, attracting more liquidity to its ecosystem. The introduction of Matic 2.0 opens up new opportunities for yield farmers by providing a conducive environment for higher yields and improved farming strategies.

As Polygon continues to evolve, it has the potential to revolutionize the yield farming landscape, attracting more participants and fostering innovation in the DeFi space.