Thrilling Polygon Shift: 10B MATIC Becomes POL

Polygon developers absorb formally launched the migration of the MATIC token to its successor, POL. After a year of intense discussions all the strategy via the neighborhood, this transition marks a pivotal moment within the network’s scurry in direction of changing into a ZK (Zero-Recordsdata) chain and additional integrating with AggLayer.

The POL token, now the native gas and staking currency of the Polygon PoS chain, retains the acquainted tokenomics of MATIC, including a supply cap of 10 billion tokens. Exchanges are expected to fast checklist the upgraded token, enhancing its accessibility and trading volume. For MATIC holders on the Polygon PoS chain, the migration is seamless and requires no motion. Alternatively, holders on Ethereum, Polygon zkEVM, or centralized exchanges ought to actively migrate their tokens by activity of a dedicated contract.

A key command of this enhance is the 1:1 alternate ratio from MATIC to POL, with an revolutionary emissions mannequin that gradually will increase by 2% over ten years. This strategy is designed to foster sustainable development, with true rewards for validators. “This emissions mannequin ensures ongoing incentives, attracting new validators to the network,” the blockchain highlighted in their announcement.

Polygon Rebranding in Growth

POL’s introduction is bigger than a straightforward rebranding. It signals the blockchain’s broader ambitions to give a enhance to its ecosystem. The brand new token will play a crucial aim in block production, zero-knowledge proof era, and participation in Recordsdata Availability Committees (DACs). This growth of performance positions the network as a key player within the evolving blockchain panorama.

Polygon employs two necessary scaling choices, the sidechain is named Polygon PoS and the zero-knowledge rollup network, Polygon zkEVM. These choices aim to consolidate liquidity and disclose across a couple of chains, additional solidifying the network’s aim within the multi-chain universe.

In the starting assign proposed in July 2023, the POL token became once formally announced as the enhance to MATIC on September 4, 2024. As this migration progresses, this might maybe occasionally be vital to video show how POL performs available within the market and how the expanded functionalities make a contribution to the network’s prolonged-term success.