Polygon Launches Migration from MATIC to POL Token

by bollywoodfever · 05/09/2024

Polygon migrates from MATIC to POL token, maintaining a 1:1 exchange ratio and expanding its role in block production and zero-knowledge proof generation.

Bollywood Fever: After a year of extensive community discussions, Polygon developers have officially launched the migration of its native token from MATIC to POL.

This transition introduces POL as the new ticker symbol for the gas and staking token on the Polygon PoS chain, with exchanges expected to list the upgraded token soon.

This migration is a key step in Polygon’s development as it evolves into a ZK (zero-knowledge) chain and integrates with AggLayer, which aims to unify liquidity and state across multiple chains.

POL will retain MATIC’s original tokenomics, including its 10 billion token supply, ensuring continuity for existing holders.

Polygon Launches Migration from MATIC to POL Token

The initial exchange ratio from MATIC to POL is set at 1:1, with a gradual emissions increase of 2% over the next ten years to promote network growth.

Polygon stated that this model would offer validators continuous rewards, making it an attractive option for new validators to join the network.

MATIC holders on the Polygon PoS chain will automatically transition to POL without needing to take action.

However, holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to migrate their tokens manually via a migration contract.

The new POL token will have expanded future capabilities, including block production, zero-knowledge proof generation, and roles in Data Availability Committees (DACs).