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This upgrade is a part of Polygon's broader strategy to enhance its ecosystem's flexibility and scalability.
Currently, MATIC holders on the Polygon Proof of Stake (PoS) chain don’t need to take any action, as their tokens will automatically convert to POL. However, users on Ethereum and Polygon’s zkEVM networks may need to manually migrate their tokens using the Polygon Portal Interface.
While there’s no immediate deadline for this conversion, Polygon has hinted that one might be introduced later. This token switch is central to Polygon’s “Polygon 2.0” plan, which aims to position POL as the main token across all Polygon-related networks.
POL will be integral to the network, serving as the primary token for gas fees and staking on the Polygon PoS chain. It will also play a key role in the AggLayer, which is designed to unify different blockchains within the Polygon ecosystem.
Moreover, the introduction of POL brings changes to the network’s economics, with a new token emission rate set at 2% annually. This is intended to incentivize network validators and support the community treasury, ensuring Polygon’s continued growth and sustainability.