Polygon begins migration from MATIC to POL
Polygon has implemented a critical technical advancement, transitioning its proprietary MATIC digital currency to the newly introduced POL coin on an equal ratio basis. Activated on September 4, this shift is designed to magnify the coin's functionality and set the stage for the advent of Polygon 2.0.
With its transformation, the POL coin now stands as the principal gas and staking asset within the network, outlining a pivotal phase in Polygon's ongoing development. Marc Boiron, the chief executive at Polygon Labs, highlighted that this modification will fortify community involvement in the network's expansion.
Presently ranked as the 21st leading digital currency with a market valuation of $3.7 billion, Polygon's coin has undergone this enhancement after a year filled with detailed community dialogues and the achievement of mutual consensus. This adjustment is a key element in Boiron's comprehensive strategy for Polygon 2.0.
The upgrade's prime goal is to evolve POL into a “hyperproductive” asset. Contrary to its predecessor MATIC, which was limited to accruing fees from gas and staking, POL is expected to garner fees from a broader array of activities.
Boiron characterizes this hyperproductive asset as a progressive evolution from Ethereum's ETH, which primarily generates gas fees from transactions.
For those holding MATIC, there's no immediate urgency to convert their assets. All staked MATIC will seamlessly transition to POL without necessitating any further steps. The testnet phase of this upgrade was successfully completed on July 17, clearing the path for the mainnet rollout.
The POL coin is also poised to play a vital role within Polygon's AggLayer, an aggregation framework akin to a cross-chain interoperability protocol. This initiative aligns with the broader vision of Polygon 2.0, which seeks to achieve “infinite scalability” through the integration of all blockchains, encompassing Layer-1 networks such as Ethereum and Bitcoin.
