Polygon developers have officially migrated the MATIC token to POL after a year of discussion.
What’s the scoop?
- Emission Adjustments: Emissions will increase by 2% over ten years to incentivize validator participation and support the network’s growth.
- Migration: Polygon PoS users Users who hold their token on Polygon PoS will have their tokens automatically upgraded to POL, while holders on Ethereum, Polygon zkEVM, or centralized exchanges must actively migrate their holdings.
- Future Utility: POL’s functionality will extend beyond staking and gas fees to include roles in zero-knowledge proof generation and Data Availability Committees (DACs).
Bankless Take
Rebranding tokens has often proven to be a tricky feat, though Polygon's move represents one of the more high profile migrations in recent memory. For Polygon, the shift from MATIC to POL comes as the team continues to double down on tech advances, following a spree of acquisitions of ZK companies, and its integration with AggLayer, which aims to consolidate liquidity and state across multiple chains.
