Polygon Labs announced the successful migration of its native token from MATIC to POL. This upgrade, driven by community consensus, marks a significant step in Polygon’s evolution towards becoming an aggregated blockchain network through its AggLayer. The migration applies to all transactions on the Polygon PoS network, which will now use POL as the native gas token.
Background:
After over a year of community discussions, the MATIC-to-POL upgrade has launched to align with Polygon’s long-term vision of unifying liquidity and enhancing scalability. The POL token is designed to have broader utility across Polygon’s growing ecosystem, playing roles beyond network security.
Key Changes and Features:
- Seamless Transition: The upgrade to POL ensures backward compatibility, allowing validators, developers, and users to transition smoothly without disruption.
- POL as Native Token: POL now replaces MATIC as the gas and staking token for the Polygon PoS network, securing every transaction.
- Future Utility: The community-driven migration paves the way for POL to serve expanded functions across Polygon’s evolving network, including potential staking roles and tokenomic changes to support ecosystem growth.
- How to Upgrade: For users holding MATIC on Ethereum, migration to POL can be done through the Polygon Portal interface. No action is needed for holders of MATIC on the Polygon PoS network, as the upgrade happens automatically.
The MATIC-to-POL upgrade represents an essential milestone in Polygon’s development as it strives to create a more scalable and secure blockchain infrastructure. With the introduction of POL, Polygon positions itself for future innovations in decentralized finance and blockchain utility.
