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 gasoline and staking token, driving a brand new section of enhanced performance and utility.
The swap to POL comes after greater than a 12 months of neighborhood deliberation and consensus constructing, and it represents a key element 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 supplies the neighborhood an opportunity to take part within the community. Whereas the migration is not totally full, the primary season of the neighborhood grants program has already allowed the neighborhood to profit from a few of these emissions.
In distinction to its predecessor, MATIC, which solely generated charges from gasoline and staking, POL will even earn income from different actions, comparable to securing information availability and decentralizing a sequencer. These extra 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 completely different sources.
This “hyperproductive” performance distinguishes POL from different tokens, together with Ethereum’s Ether (ETH), which solely generates charges from transaction gasoline.
One other key function of POL is its integration into Polygon’s aggregation layer (AggLayer), designed to perform 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 can be seamless. There’s no set deadline for customers to transform their MATIC tokens, and any staked MATIC will mechanically be migrated to POL with out requiring extra steps from token holders.
Polygon’s token at the moment ranks because the Twenty seventh-largest cryptocurrency, with a market capitalization of over $3.6 billion.
General, the improve from MATIC to POL represents a leap ahead in each utility and neighborhood involvement, aligning with Polygon’s long-term imaginative and prescient.
In different information, Astar Community launched Astar zxEVM in March this 12 months, turning into the primary Layer-2 chain to combine with Polygon’s AggLayer.
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