Polygon has presented a proposal to enhance MATIC tokens by converting them into a new token called Polygon (POL). The main objective of this upgrade is to enable POL to validate various chains within the Polygon ecosystem, ensuring scalability while maintaining adequate security.
Subject to approval from the community, the conversion process would involve MATIC token holders sending their tokens to a designated smart contract. In return, they would receive an equivalent amount of POL tokens. The intention is for the POL token to function across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and Supernets. This would grant Polygon validators the ability to secure transactions across different chains.