Polygon

Polygon’s MATIC Transitions to POL, Enhancing Token Utility at a Rapid Pace

Polygon has upgraded its native cryptocurrency to the new Polygon Ecosystem Token (POL) as of September 4, effectively transitioning from MATIC on a one-to-one basis. This update positions POL as the main gas and staking token within the network, according to an announcement shared.

Marc Boiron, CEO of Polygon Labs, highlighted the upgrade’s potential to increase community engagement through the introduction of 2% emissions, even though the full migration is still underway.

POL is becoming a “hyperproductive” token

Boiron described POL as a hyperproductive token that surpasses its predecessor, MATIC, by earning fees not only from gas and staking but also from new activities like securing data availability and decentralizing sequencers, further enhancing its utility across the network.

MATIC to POL migration: What you need to know

The transition was successfully tested on July 17 and does not require immediate action from MATIC holders, as all staked MATIC has been automatically converted to POL. The POL token also integrates into Polygon’s AggLayer, which aims to connect different blockchains and is a crucial part of the forthcoming Polygon 2.0 architecture, designed to provide “infinite scalability” and unify all blockchains.