coinspress.com
After a year of discussions, Polygon developers have officially initiated the upgrade from MATIC to the new $POL token.
$POL will now serve as the primary token for gas fees and staking on the Polygon PoS chain, and exchanges are expected to start listing it soon.
This upgrade is a key part of Polygon’s plan to integrate with the AggLayer and evolve into a ZK chain. While $POL maintains the same 10 billion token supply as MATIC, the transition also includes a gradual 2% increase in emissions over the next decade to support network growth.
READ MORE: Ethereum Faces Revenue Shift as Layer 1 Fees Drop
MATIC holders on the Polygon PoS chain will automatically receive $POL tokens, but those using Ethereum, Polygon zkEVM, or centralized exchanges will need to manually swap their tokens.
The upgraded $POL token is set to take on additional roles in areas like block production and zero-knowledge proof generation as Polygon continues to scale its network. The migration officially went live following an announcement in July, with September 4 marked as the launch date.