TLDR:
- Polygon is moving from MATIC to POL token on September 4, 2024
- POL will be the brand-new native gas and staking token for Polygon PoS chain
- The migration belongs to Polygon’s 2.0 roadmap towards a zkEVM system
- Preliminary exchange ratio is 1:1, with 2% yearly emissions over 10 years
- MATIC holders on Polygon PoS do not require to act; others might require to by hand move
On September 4, 2024, Polygon, the popular Ethereum scaling option, started a ransition by moving its native token from MATIC to POL.
This modification marks an important action in Polygon’s advancement roadmap, referred to as Polygon 2.0, which intends to develop the network into a zero-knowledge Ethereum Virtual Machine (zkEVM) system.
The migration procedure changes MATIC with POL as the main gas and staking token for the Polygon Proof-of-Stake (PoS) chain.
According to Polygon Labs CEO Marc Boiron, this upgrade was required due to technical constraints of the MATIC token, whose upgrade secrets were purposefully burned years earlier. The intro of POL enables more versatility in token issuance and environment development.
we disrupt your doomscroll with another suggestion MATIC will be updated to POL tomorrow
the tl; dr for the hyperproductive token: https://t.co/brdQT9WeFa pic.twitter.com/D63qiqdZPX
— Polygon|Aggregated (@ 0xPolygon) September 3, 2024
Under the brand-new tokenomics, POL will have a yearly emission rate of 2% over 10 years. This regulated inflation is developed to support environment development and supply continuous benefits for validators. The preliminary exchange ratio in between MATIC and POL is set at 1:1, preserving the existing supply of 10 billion tokens.
- For a lot of users, especially those holding MATIC on the Polygon PoS chain, the migration will take place instantly with no necessary action.
- MATIC holders on other networks such as Ethereum or Polygon zkEVM, as well as those utilizing central exchanges, will require to by hand move their tokens to POL.
- Polygon has actually supplied a migration agreement to facilitate this procedure, though they warn that it’s meant for innovative users.
The POL token is anticipated to play a more comprehensive function in Polygon’s future advancements. It will be important to the AggLayer, a system developed to aggregate liquidity and state throughout several chains within the Polygon environment.
POL will support functions such as block generation, zero-knowledge evidence generation, and involvement in Data Availability Committees (DACs) as part of the Polygon staking center, set to release in 2025.
This migration likewise presents a neighborhood treasury, moneyed by a part of the POL emissions. This treasury intends to support environment development through grants and community-controlled efforts.
Boiron stressed that this function was difficult with the previous MATIC token structure.
The shift to POL is not simply a token swap however a tactical transfer to improve Polygon’s abilities. It enables more decentralized governance and supplies a system to incentivize validators throughout numerous chains in the Polygon community,