Polygon Migrates MATIC to POL Token on 1:1 Basis, Effective September 4

Sep 4, 2024, 08:02 AM

Polygon has officially migrated its $3.7bn MATIC token to the new POL token, effective September 4, 2024. The upgrade is part of Polygon's strategy shift, enhancing the token's utility and paving the way for Polygon 2.0. POL will serve as the native gas and staking token on the Polygon PoS chain and will be issued on a 1:1 basis with MATIC. The transition includes all MATIC in smart contracts, liquidity pools, and DeFi applications on Polygon PoS. Users holding MATIC on Polygon PoS do not need to take any action, while those with MATIC on Ethereum, Polygon zkEVM, or exchanges will need to migrate manually. There is no deadline for the migration. Bitfinex has announced support for the new POL token, and deposits are now available. POL will also have expanded future roles in block production, zero-knowledge proof generation, and Data Availability Committees.