Polygon’s $MATIC Token Becomes $POL, Boosting Utility in Polygon 2.0
Polygon’s $MATIC token has been upgraded to $POL, enabling enhanced utility for gas, staking, and cross-chain interoperability, as part of the Polygon 2.0 roadmap.
Key points:
- MATIC to $POL migration: $MATIC holders now automatically upgrade to $POL at a 1:1 ratio.
- Polygon 2.0 integration: $POL powers Polygon’s new aggregation layer (AggLayer) for cross-chain operations.
- Expanded utility: $POL will support gas fees, staking, and other decentralized roles like data availability.
- Emission increase: A 2% increase in token emissions over the next 10 years to incentivize validator participation.
- Auto-migration: Most Polygon PoS users will upgrade automatically.
Polygon’s MATIC to POL Upgrade: What You Need to Know
On September 4, 2024, Polygon officially switched its $MATIC token to $POL as part of the Polygon 2.0 upgrade.
This change not only enhances $POL’s role but also allows it to power a wider range of decentralized activities. Users can now utilize $POL for staking, gas fees, and decentralized tasks like zero-knowledge proofs.
This upgrade provides several new advantages. While $POL keeps the same 10 billion token supply as $MATIC, it offers significantly more functionality.
Read more: Polygon Labs Lays Off 19% of Staff to Focus on Development
Unlike $MATIC, $POL enables users to earn rewards from additional sources, which encourages broader participation in the network.
“POL goes one step further, and as it gets kind of embedded in the different things in the Polygon Network, it becomes hyperproductive in the sense that it can actually earn fees from multiple different sources.” – Marc Boiron, Polygon Labs CEO
Furthermore, Polygon increased $POL emissions by 2% annually over the next decade to attract more validators and strengthen the network.
For $MATIC holders on the Polygon PoS chain, the migration to $POL happened automatically. However, those on Ethereum or Polygon zkEVM need to complete the switch using a migration contract.
The upgraded $POL token also integrates seamlessly with Polygon’s new aggregation layer, AggLayer, which links multiple blockchains.
This shift plays a key role in Polygon’s vision of achieving limitless scalability across its ecosystem.
Curious if Polygon’s worth the hype? Dive into our full report and find out if it’s a good investment!
