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Reported by The Block: Polygon developers have migrated the MATIC token to POL after a year of extensive community-led discussions.
POL is now the new ticker symbol for the native gas and staking token on the Polygon PoS chain.
After a year of extensive community discussions, Polygon developers announced that the migration of its token to POL was live.
This change introduces POL as the new ticker symbol for the native gas and staking token on the Polygon PoS chain. Exchanges are expected to list the upgraded token.
The transition to POL is a crucial component of Polygon’s development into a ZK chain and its integration with AggLayer, which aims to consolidate liquidity and state across multiple chains. POL will maintain MATIC’s existing tokenomics and a supply of 10 billion tokens.
The initial exchange ratio from MATIC to POL is set at 1:1, with a gradual increase of 2% in emissions over ten years to support growth. "For validators, this emissions model ensures continuous rewards, making it attractive for new validators to join and participate," Polygon stated.
MATIC holders on the Polygon PoS do not need to take any steps, as the upgrade to POL will occur automatically. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges must actively migrate their tokens to POL via a migration contract.
The upgraded POL token will have expanded functionalities in the future, including roles in block production, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
Polygon employs two scaling solutions: a sidechain named Polygon PoS and a zero-knowledge rollup network known as Polygon zkEVM.
POL was first proposed as the network’s upgraded native token in July 2023. In July this year, Polygon officially announced that the MATIC token would upgrade to POL on September 4.
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