- POL upgrade enhances Polygon’s utility with new gas, staking, and governance features, supporting future network scalability.
- MATIC investors face no immediate migration needs, but POL’s introduction aims to solidify Polygon as a leading Ethereum Layer-2.
Following the development of Polygon’s preparation for the POL upgrade with major MATIC transfers as reported by CNF, Polygon has successfully completed the migration from MATIC to POL, marking a significant milestone for the Layer-2 protocol. This upgrade, announced after a year of community-led discussions, went live on September 4, as scheduled.
According to a recent tweet from Polygon, the MATIC to POL upgrade is now live, following a year of community consensus and discussions.
It’s official. The MATIC to POL upgrade is now live, after a year of community-led discussions and consensus 💜
What happens now? Starting today, every transaction on Polygon PoS uses the hyperproductive token as the native gas and staking token.https://t.co/j6vlMTh9ZX pic.twitter.com/hx9l7GS4zv
— Polygon | Aggregated (@0xPolygon) September 4, 2024
Polygon highlighted the implications of this transition, stating that starting today, every transaction on Polygon PoS will use the hyperproductive POL token as the native gas and staking token.
Polygon Migrates to POL for Network Expansion
The migration introduces the POL token, which will now serve as the native gas and staking token for all transactions on Polygon’s Proof-of-Stake (PoS) network.
However, beyond just a ticker change, POL is a technical upgrade aimed at enhancing the ecosystem’s future as an aggregated network. The token will be utilized for gas fees, validator rewards, governance payments, and network security tasks such as ZK proof generation. Future expansions of POL’s functionality, especially in the AggLayer, will depend on community consensus.
MATIC investors are not required to migrate immediately, as the transition is designed to bolster the infrastructure of Polygon’s L2 ecosystem. POL’s introduction promises enhanced utilities, positioning Polygon as a potential leader among Ethereum Layer-2 solutions. Binance has already shown support by announcing plans to delist all MATIC trading pairs on September 10, 2024.
According to CoinMarketCap data today, Polygon (MATIC) is trading at $0.3682, with a decrease of 0.93% in the past day and 16.64% in the past week. See MATIC price chart below.
