Polygon to Rebrand MATIC as POL with Major Upgrade
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Polygon (MATIC) is set for a major change as the team behind the layer-2 scaling solution announces a rebranding of its native asset.
Starting September 4, MATIC will be replaced by a new token named POL, which will take on the roles of gas and staking token within the Polygon network.
In a recent blog update, Polygon Labs detailed that POL will initially serve as the gas and staking token for Polygon’s proof-of-stake (PoS) blockchain. The team also hinted at broader future applications for POL, potentially involving significant roles in Polygon’s upcoming AggLayer project, which aims to enhance liquidity across the network.
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MATIC holders on the Polygon network will see their tokens automatically transitioned to POL, but those holding MATIC on Ethereum or in centralized exchanges will need to follow specific migration steps to update their tokens.
The rebranding is part of Polygon’s broader transition to Polygon 2.0, a strategic move intended to boost the network’s growth and functionality. POL is expected to play a crucial role in the network’s expanded ecosystem, supporting various functions including block generation and zero-knowledge proof creation.
Polygon Labs founder Sandeep Nailwal emphasized that the rebranding and the introduction of POL are designed to enhance the network’s multi-chain staking capabilities, facilitating greater interoperability and liquidity sharing among different layer-2 solutions within the Polygon ecosystem.