Polygon Labs Upgrades MATIC Token to POL in a Major Step Towards Polygon 2.0

Polygon Labs, the team behind scaling solutions including Polygon PoS, is upgrading its MATIC token to POL today in a major step towards Polygon 2.0.

Polygon Labs is upgrading its MATIC token to POL today as part of a broader effort to transition towards Polygon 2.0.

The move will see all MATIC tokens used in smart contracts, decentralized finance (DeFi), liquidity pools and Polygon’s Proof-of-Stake consensus migrated to POL. Users will be able to swap assets on a 1:1 basis.

The switch paves the way for Polygon 2.0, a network that aims to be a zero-knowledge Ethereum Virtual Machine (zkEVM).

The migration comes as the token touches its lowest level since June 2022. It is down 4% today to $0.38.

According to Polygon, POL will replace MATIC as the native gas and staking token within the network. The long-term vision is for it to play a pivotal role in the AggLayer – a bridge that unites Polygon PoS with the network’s Software Development Kit (SDK), a data availability solution, a privacy roll-up called Polygon Nightfall and Polygon Zero, a zero-knowledge roll-up.

The AggLayer will also aggregate zero-knowledge proofs from all connected chains, enabling secure, near-instant and atomic cross-chain transactions.

If users are holding MATIC tokens on Polygon PoS, they will be automatically converted into POL. However, MATIC holders on Ethereum will need to migrate their tokens to POL through the Polygon Portal Interface.

Users holding MATIC on hardware wallets may also need to manually convert to POL.