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Polygons matic upgraded to pol driving hyperproductive token utility
Polygons matic upgraded to pol driving hyperproductive token utility

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Polygon Changes MATIC to POL, Making Tokens More “Hyperproductive” in the Future

Polygon has changed its MATIC token into the new POL token, which makes it more useful and adds “hyperproductive” features. POL will now get fees from more than one source and play a key role in Polygon’s network’s future growth. Holders of MATIC will have an easy move to the new coin.

Polygon has finally switched from its old MATIC token to the new Polygon Ecosystem Token (POL). This is a big improvement for the network. From September 4, this change makes POL the network’s main gas and stake token, taking the place of MATIC in a 1:1 ratio. The update is a key step on Polygon’s path to version 2.0, which aims to make tokens more useful and encourage more community involvement.

The CEO of Polygon Labs, Marc Boiron, says that this update adds 2% coin emissions, which gives the community more ways to interact with and help the network grow. Over the past year, the community held many in-depth talks to carefully plan the change, which shows how they all see Polygon’s future.

One of the best things about this change is that POL has become a “hyperproductive” coin. MATIC only got fees from gas and staking. POL, on the other hand, can now get fees from other sources, like staking, to make sure data is always available and spread out network sequencers. Ether (ETH), Ethereum’s original token, only gets gas fees. PoL, on the other hand, has more ways to make money.

The switch to POL is already live, but MATIC users don’t have to change their tokens right away. When MATIC is stabilized, it immediately switches to POL, making the update process smooth. In July, a change to the testnet went smoothly, which was the first step in the transfer.

Beyond the Polygon network, POL will play a bigger part in the future. It will work with Polygon’s AggLayer, which is an aggregation layer meant to link separate blockchains. This fits with Polygon 2.0’s goal of letting it grow infinitely and connecting big blockchains like Bitcoin and Ethereum.

author avatar
CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
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