POLYGON'S MATIC TO POL TOKEN MIGRATION ON SEPT. 4: DETAILS

On September 4, 2024, the @0xPolygon network will transition from its current MATIC token to the new POL token.

Polygon has announced the migration from MATIC to POL tokens, which will officially take place on September 4, 2024. POL will replace MATIC as the primary gas and staking token for Polygon’s Proof-of-Stake (PoS) network.

The introduction of POL is crucial for several reasons. Firstly, it will enhance Polygon’s functionality and support the AggLayer, which plays a key role in the network’s future growth.

Secondly, POL will become the native gas and staking token for multiple Layer 1 and Layer 2 blockchains connected to the AggLayer. This integration will enable cross-chain transactions to be processed almost instantly, with a single bridge connecting each blockchain to Ethereum.

As part of the migration, POL tokens will be introduced on a 1:1 basis, ensuring a smooth transition for current MATIC holders. Moreover, POL validators will oversee multiple chains within the AggLayer, creating a more secure and robust network.

Additionally, validators will receive increased rewards and take on new roles within the network. A Community Treasury will also be established, supported by POL tokens, which will be used for protocol development, research, and adoption incentives.

Finally, POL holders will have governance rights over the Community Treasury, enabling them to influence the network’s future development.

In terms of tokenomics, the total supply of POL tokens will match the current supply of MATIC, which stands at 10 billion.

An annual emission rate of 1% will be allocated for both staking rewards and Community Treasury funding, with an additional 1% compounding annually for the Treasury.

While MATIC holders on the Polygon PoS chain will automatically be migrated to POL tokens, those holding MATIC on Ethereum, Polygon zkEVM, or centralized exchanges will need to manually upgrade their tokens to POL.