MATIC to POL Token Migration in the Polygon Ecosystem

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. The Migration Process
  2. Polygon's AggLayer Vision
  3. Introducing the POL Token


    4. Polygon, an Ethereum scaling solution, is preparing for a significant shift in its ecosystem. On September 4, 2024, the MATIC token will officially migrate to POL, a new token designed to enhance the network’s functionality and support its ambitious AggLayer project.

    The Migration Process

    Polygon has outlined the migration of MATIC to POL in a multi-phase rollout. This change is pivotal as POL will replace MATIC as the native gas and staking token for the Polygon Proof-of-Stake (PoS) network. The new token will reportedly play a significant role in Polygon’s AggLayer, which is central to its scaling solutions. This move is expected to enhance the network's functionality and facilitate future developments within Polygon’s expanding ecosystem.

    Polygon's AggLayer Vision

    The AggLayer is defined as a horizontally scalable multichain network that enables shared liquidity and state across connected chains. It will host several ZK-powered Layer 1 (L1) and Layer 2 (L2) blockchains, secured by a common validator set. Using this setup, cross-chain transactions will be near-instant, and a single cross-chain bridge will connect each blockchain to Ethereum, eliminating the need for each blockchain to maintain its own bridge.

    Introducing the POL Token

    The POL token will replace MATIC on a 1:1 basis starting September 4. According to the Polygon team, POL is set to improve upon MATIC in several ways: * **Shared Security**: POL validators will validate multiple chains within the AggLayer, enhancing overall security. * **Increased Incentives**: Validators will receive additional rewards and roles, boosting participation and engagement. * **Validator Roles**: POL introduces new roles for validators, including generating ZK proofs and participating in data availability committees. * **Community Treasury**: POL will support a Community Treasury funded by continuous POL emissions. This treasury will finance protocol development, research, grants, and adoption incentives. * **Governance**: POL holders will have a say in managing the Community Treasury.

    The POL token will have an initial supply of 10 billion tokens, matching the total supply of MATIC. It will feature an annual emission rate of 1%, allocated for staking rewards and community treasury funding. An additional 1% annual compounding emission will be dedicated to the Community Treasury. For MATIC holders on the Polygon PoS chain, the migration to POL will be automatic, with no required action. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXs) will need to take steps to upgrade their MATIC to POL.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Circle Launches StableFX for Onchain Foreign Exchange

Circle has launched StableFX, a service for institutions to exchange stablecoin-denominated currencies on its blockchain, Arc, enabling 24/7 currency exchanges and improving foreign exchange efficiency.

user avatarLi Weicheng

TLDR Strategy Enhances Financing Framework for Future Activities

TLDR Strategy has updated its securities paperwork to maintain its at-the-market financing capacity, crucial for future funding activities.

user avatarAisha Farooq

WisdomTree Advances Regulatory Framework for Tokenized Funds

WisdomTree has updated its registration materials for tokenized investment products, focusing on the legal framework necessary for their distribution.

user avatarTenzin Dorje

CleanSpark Surpasses 10,500 BTC in Bitcoin Reserves

CleanSpark has achieved a significant milestone by increasing its Bitcoin reserves to over 10,500 BTC, reflecting a strategic shift in its operational model.

user avatarBayarjavkhlan Ganbaatar

Hester Peirce Calls for Cryptography to Enhance Financial Crime Prevention

Hester Peirce advocates for the use of cryptography to improve financial crime prevention, criticizing current data collection practices.

user avatarMohamed Farouk

BlackRock's Tokenized BUIDL Fund Surpasses $550 Million in AUM

BlackRock's tokenized BUIDL fund has reached approximately $552.4 million in assets under management, highlighting its significance in the institutional real-world asset market.

user avatarElias Mukuru

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.