Polygon Swaps MATIC for New POL Token Starting Today
After a year of discussions, Polygon developers have officially initiated the upgrade from MATIC to the new POL token.
POL will now serve as the primary token for gas fees and staking on the Polygon PoS chain, and exchanges are expected to start listing it soon.
This upgrade is a key part of Polygon’s plan to integrate with the AggLayer and evolve into a ZK chain. While POL maintains the same 10 billion token supply as MATIC, the transition also includes a gradual 2% increase in emissions over the next decade to support network growth.
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MATIC holders on the Polygon PoS chain will automatically receive POL tokens, but those using Ethereum, Polygon zkEVM, or centralized exchanges will need to manually swap their tokens.
The upgraded POL token is set to take on additional roles in areas like block production and zero-knowledge proof generation as Polygon continues to scale its network. The migration officially went live following an announcement in July, with September 4 marked as the launch date.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
