After a year of community discussions, Polygon developers have officially transitioned the MATIC token to POL, marking a significant upgrade to the Polygon ecosystem.
Introduction of POL
POL is now the new ticker symbol for Polygon’s native gas and staking token on the Polygon PoS chain. The transition is part of Polygon’s development into a zero-knowledge (ZK) chain and its integration with AggLayer, a liquidity and state consolidation platform for multiple chains.
Exchanges are expected to list the POL token soon, with the initial exchange ratio from MATIC to POL set at
1:1. Over the next ten years, a
2% increase in emissions will support growth, making the staking process attractive to new validators.
Migration Process and Expanded Functionality
MATIC holders on the Polygon PoS network will automatically transition to POL, but holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to migrate manually using a contract.
The POL token is expected to play a role in block production, zero-knowledge proof generation, and participation in Data Availability Committees (DACs), expanding its functionality in the future.
Read more at The Block.
