Polygon Executes Major Technical Upgrade, Transitions MATIC to New POL Token
- WBOYOriginal
- 2024-09-04 21:47:12637browse
Polygon, the Ethereum scaling solution, has executed a significant technical upgrade, transitioning its native token MATIC to the new POL token.
Major Ethereum scaling solution, Polygon, has completed a technical upgrade, transitioning its native token from MATIC to POL. This upgrade is part of Polygon's grander vision for Polygon 2.0, aiming to increase the network's utility and scalability.
Announced on September 4, this technical upgrade will see MATIC holders' tokens automatically converted to POL on a 1:1 basis. POL will now function as the native gas and staking token for the Polygon network.
According to Polygon Labs CEO Marc Boiron, POL is a “hyperproductive” token designed to generate fees from multiple sources. Unlike its predecessor, MATIC, which only earned fees from gas and staking, POL can earn additional fees from activities like staking to secure data availability and decentralizing a sequencer.
This upgrade is a significant step towards realizing Polygon 2.0, which includes developing the Polygon CDK and AggLayer. The AggLayer is designed to connect various blockchains, offering “infinite scalability” and uniting blockchains like Layer-1s Ethereum and Bitcoin.
While the migration to POL is now in effect, MATIC holders are not required to upgrade their tokens immediately. The transition will be automatic for staked MATIC.
Despite these technical advancements, MATIC's price has seen a decline of 7.2% within 24 hours, settling at $0.3778 at the time of writing. The token's market cap stands at $3.7 billion, with a 24-hour trading volume of $313.75 million.
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