Polygon developers have officially announced the migration of the MATIC token to the new POL token, a move that follows extensive community discussions. POL will now serve as the native gas and staking token for the Polygon PoS chain, with exchanges expected to list it soon.
Key Features of the Transition
The transition is part of Polygon’s development into a ZK chain and its integration with AggLayer, aiming to unify liquidity across multiple chains. POL will retain MATIC’s tokenomics, including the 10 billion token supply while introducing a 2% emissions increase over ten years to incentivize network growth.
Impact on Users
The upgrade will be automatic for most MATIC holders on the Polygon PoS. However, those holding MATIC on Ethereum, Polygon zkEVM, or centralized exchanges must manually migrate their tokens using a migration contract. The initial exchange ratio from MATIC to POL is set at 1:1.
Future Functionalities
POL will expand its roles in block production, zero-knowledge proof generation, and participation in Data Availability Committees (DACs), enhancing Polygon’s scaling solutions like the Polygon PoS sidechain and the Polygon zkEVM network.
Conclusion
This transition marks a significant milestone in Polygon’s evolution, positioning it for greater scalability and integration across the blockchain ecosystem. The upgrade to POL is expected to bring new functionalities and opportunities for developers and validators.
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