en.cryptonomist.ch
Polygon has initiated the migration of its MATIC token to the new POL token, marking an important turning point in the management and evolution of Ethereum’s layer-2.
Here is what you should not miss.
Summary
The migration from MATIC to POL: changes for the native token of Polygon
The world of cryptocurrencies is constantly evolving, and Polygon, one of the most prominent layer-2 networks on Ethereum, is currently undergoing one of its most significant transformations.
The network has in fact initiated a crucial update that marks the transition from the long-used MATIC token to the new POL token.
This step, although widely anticipated, represents a significant turning point, not only for the Polygon network but also for the entire ecosystem of criptovalute.
The change from MATIC to POL is not a simple update, but an event that could substantially influence the way the network operates.
POL is set to become the native token of the main chain of Polygon, the Polygon PoS chain, and other chains within its ecosystem.
During the initial phase of this migration, POL will replace MATIC as the native gas and staking token for the Polygon PoS network, a crucial role that will mark its growing importance.
This change is part of the roadmap “Polygon 2.0“, an ambitious plan announced last year, which aims to consolidate and improve the network’s capabilities.
POL will not only be a replacement for MATIC, but it will become a central element for many advanced functions that the network will introduce in the coming years.
Changes in tokenomics: new opportunities
The migration from MATIC to POL will bring significant changes to the network’s tokenomics. One of the main innovations will be the introduction of an annual emission rate of 2%, which represents a significant difference compared to the previous model.
This new issuance will be divided between rewards for network validators and the community treasury.
This latter, defined as a “self-sustaining ecosystem fund”, will have the task of supporting the development and growth of the network, ensuring the long-term sustainability of Polygon’s initiatives.
Marc Boiron, CEO of Polygon Labs, explained that the necessity of this update mainly stems from technical constraints related to the update keys of MATIC, which had been burned years ago.
This situation has made it impossible to make changes to MATIC, thus forcing the network to introduce a new token that could allow for greater flexibility and adaptability.
According to Boiron, the introduction of emissions through POL will not only strengthen the ecosystem but also give the community a greater control over resources, allowing them to actively participate in the growth of the network.
The role of POL in the ecosystem
POL will not be just a replacement token, it will have a fundamental role in many of the new features planned in the Polygon roadmap.
A key element will be the AggLayer, a system designed to aggregate affiliate blockchains built with Polygon technology.
This tool will be crucial for the expansion and integration of new chains within the ecosystem, facilitating the decentralization and efficiency of the network.
Furthermore, the Polygon community has proposed that POL will play a key role in the Polygon staking hub, which will be launched in 2025.
This hub will allow POL to support various tasks, such as block generation, zero-knowledge proof generation, and participation in data availability committees (DAC).
Such functions will not only strengthen the security and reliability of the network, but will also improve user participation and incentivization, making POL a central element in the governance and management of the network.
In summary, the migration to POL is a bold move that reflects Polygon’s ongoing innovation and adaptability in a rapidly evolving cryptocurrency market.
While the token MATIC has played a crucial role in the growth of the network up to today, POL represents the future, offering new possibilities and tools to support the growth of the ecosystem.
Investors and network users will need to closely monitor this transition, as POL will have a direct impact not only on network usage but also on market dynamics.
The flexibility introduced by the new tokenomics, combined with Polygon’s long-term vision, could position POL as one of the most influential and innovative tokens in the cryptocurrency landscape.