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Today, September 4, marks a significant milestone for the Polygon network as the highly anticipated upgrade from MATIC to POL goes live.
This transition marks a new chapter for the popular layer-2 scaling solution for Ethereum, introducing enhanced functionality, increased flexibility, and a stronger community-driven focus, according to a blog post by Polygon.
🧵 POL Upgrade | Everything to Know 🧵
— Polygon | Aggregated (@0xPolygon) August 27, 2024
Users w/ MATIC on Ethereum can upgrade today via Polygon Portal Interface: https://t.co/Ibs1ONels1
There is no deadline for users to upgrade. All MATIC on Polygon PoS & staked MATIC on Ethereum will upgrade automatically on Sept 4. pic.twitter.com/qKnyYFrlqH
The MATIC to POL migration aligns with Polygon's "Polygon 2.0" roadmap, which aims to position Polygon as a leading layer-2 solution capable of scaling and supporting a diverse range of applications.
The new POL token, which replaces MATIC as the native gas and staking token for the Polygon PoS network, offers a range of benefits. With a new emission rate of 2% annually, POL enables rewards for validators and supports a community treasury dedicated to fostering ecosystem growth. This flexibility was previously limited with MATIC.
According to the Polygon team, POL's development reflects a strong community focus. Holders will play a pivotal role in shaping its future utility within the Polygon ecosystem, including the upcoming AggLayer – a system for aggregating affiliated blockchains built using Polygon technology, Polygon said.
MATIC tokens held on the Polygon PoS chain are automatically converted to POL tokens at a 1:1 ratio, and users do not need to take any specific steps to participate in the migration.
As of the time of writing, the price of MATIC is $0.3882. The market capitalization of Polygon is around $3.75 billion, with a circulating supply of 10 billion MATIC tokens, according to Coinmarketcap data.
