Polygon to Rebrand MATIC as POL with Major Upgrade
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.
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.
