Polygon’s native MATIC token has now transitioned to the Polygon Ecosystem Token (POL) on a one-to-one foundation.
As of September 4, POL has taken over as the first fuel and staking token, driving a brand new part of enhanced performance and utility.
The swap to POL comes after greater than a yr of group deliberation and consensus constructing, and it represents a key part of the community’s ambitions with the Polygon 2.0 improve.
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Polygon Labs CEO Marc Boiron defined that this improve introduces 2% emissions, which provides the group an opportunity to take part within the community. Whereas the migration is not absolutely full, the primary season of the group grants program has already allowed the group to learn from a few of these emissions.
In distinction to its predecessor, MATIC, which solely generated charges from fuel and staking, POL will even earn income from different actions, equivalent to securing knowledge availability and decentralizing a sequencer. These further fee-earning alternatives are anticipated to proceed increasing, making POL a extremely versatile asset. Boiron remarked:
POL goes one step additional, and because it will get sort of embedded within the various things within the Polygon Community, it turns into hyperproductive within the sense that it could possibly really earn charges from a number of totally different sources.
This “hyperproductive” performance distinguishes POL from different tokens, together with Ethereum’s Ether (ETH), which solely generates charges from transaction fuel.
One other key function of POL is its integration into Polygon’s aggregation layer (AggLayer), designed to operate equally to a cross-chain interoperability protocol, facilitating connections between in any other case remoted blockchains.
Polygon assured that for MATIC holders, the transition to POL will likely be seamless. There isn’t a set deadline for customers to transform their MATIC tokens, and any staked MATIC will mechanically be migrated to POL with out requiring further steps from token holders.
Polygon’s token at present ranks because the Twenty seventh-largest cryptocurrency, with a market capitalization of over $3.6 billion.
Total, the improve from MATIC to POL represents a leap ahead in each utility and group involvement, aligning with Polygon’s long-term imaginative and prescient.
In different information, Astar Community launched Astar zxEVM in March this yr, changing into the primary Layer-2 chain to combine with Polygon’s AggLayer.
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