MATIC Migrates to POL as Polygon Embarks on Ambitious Polygon 2.0 Mission

MATIC is being migrated to POL, as Polygon starts its ambitious mission of implementing Polygon 2.0 via the Aggregation Layer. Bitcoin, Ethereum, Solana, Cardano, and other networks continuously improve.

Polygon, formerly known as Matic Network, has completed a technical upgrade, migrating its native token from MATIC to POL. This move is part of the project's broader goal to further scale Ethereum.

With POL now in existence, the platform can proceed with its plans for Polygon 2.0, which aims to integrate various L2s through the Aggregation Layer.

According to a Polygon executive, the upgrade will also expand POL's use cases, making it the primary gas fee token and a staking asset.

After months of preparation, Polygon successfully executed a highly anticipated technical upgrade yesterday, on September 4. Before the migration, the testnet concluded in July. The update culminated in converting MATIC, their native token, to POL, a new coin saddled with more utilities.

Afterward, all staked MATIC will be automatically converted to POL, and the same applies to token holders with tokens in the Ethereum sidechain. Binance, OKX, and several other exchanges have announced support for the conversion.

Now, let's quickly check the POL price performance following this upgrade. Looking at the POLUSDT chart, prices are stable at spot rates. POL is moving inside a tight range, capped between $0.37 and $0.39.

So far, the token is at the lower end of the support, near yesterday's low. For the uptrend to continue, there must be a break above $0.39.

There will be multiple drivers. Besides the recovery of, say, Bitcoin prices, the community is looking at Polygon's new tokenomics under POL.

A sustainable growth model has been implemented to see POL’s emission stand at an annual 2%. Tokens will be split between validators and the treasury, which the Polygon community manages.