It's almost there.. Polygon is set to undergo a significant transformation on September 4, 2024, when its native token $MATIC will migrate to a new token called $POL. This change is part of a multi-phase plan to enhance the network’s capabilities, particularly in relation to its AggLayer project, which aims to improve scalability, security, and cross-chain transactions.
The $POL token will replace $MATIC as the native gas and staking token on Polygon's Proof-of-Stake (PoS) network. It will introduce new roles and incentives for validators, contribute to a Community Treasury, and involve governance rights for token holders. The POL tokenomics include an initial supply of 10 billion tokens, with annual emissions allocated to staking rewards and community funding.
PAY ATTENTION HOLDER For most MATIC holders, the migration to POL will be automatic, but those holding MATIC on Ethereum, Polygon zkEVM, or centralized exchanges will need to manually upgrade their tokens. The AggLayer will facilitate seamless cross-chain interactions, and the introduction of a zkEVM prover kit will allow existing EVM chains to integrate more easily into the network. Show Less
