According to BlockBeats, on September 4, Polygon developers have begun converting MATIC tokens to POL, which is now the native Gas and staking token on the Polygon PoS chain. MATIC holders on Polygon PoS do not need to take any steps, and the upgrade to POL will be automatic. MATIC holders on Ethereum, Polygon zkEVM, or decentralized trading platforms must actively migrate their tokens to POL through the migration contract. POL will maintain MATIC’s existing token economy, distribution, and total supply of 10 billion tokens. The initial exchange ratio of MATIC to POL is set at 1:1, and the unlocking amount will gradually increase by 2% over ten years to support growth.
BlockBeats previously reported that Polygon’s mainnet upgrade is scheduled for September 4, 2024, and after community approval, its native token will be converted from MATIC to POL. After the upgrade, POL will replace MATIC as the main token for blockchain gas fees and staking.
