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Polygon Upgrades to New POL Token for Native Gas and Staking

The Big Whale

— 1 min read
  • Polygon has executed a technical upgrade to replace its MATIC token with the new POL token.
  • The upgrade will enhance the utility of the token and make it the native gas and staking token for the Polygon network.
  • The migration will allow the community to participate in the network's growth and introduce emissions for community grants.
  • The POL token will have expanded functionalities and will be embedded in Polygon's AggLayer.
  • The upgrade is part of Polygon's wider plans for Polygon 2.0 and aims to provide infinite scalability to unify all blockchains.
  • MATIC holders have no hard deadline for upgrading their tokens, and the migration will occur automatically for staked MATIC.

Summary :
Polygon has executed a key technical upgrade by swapping out its MATIC token for a new POL token. The upgrade will make POL the native gas and staking token for the Polygon PoS chain. The migration is part of Polygon's roadmap for Polygon 2.0 and will enable the community to participate in the network's growth. The new POL token will also have expanded functionalities in the future, including roles in block production and participation in Data Availability Committees. The migration is expected to be closely monitored as MATIC is widely held across crypto investor portfolios.

Sources :

- CoinTelegraph
- TheBlock
- Coindesk

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