Polygon Begins MATIC Token Swap to POL
After days of waiting, the Polygon team has officially started the MATIC token swap to POL to serve the development goals in the coming time.
As reported, Polygon has "scheduled" to rename the MATIC token to POL on September 4.
Up to now, the project team officially announced on X that the migration has begun:
POL will become the symbol of the gas fee token and the native staking token on the Polygon PoS chain. Exchanges are expected to list the new token once the migration is complete.
The token swap is an important part of Polygon's development, aiming for the ZK chain and integrating with AggLayer, aiming to consolidate liquidity across different chains. POL still maintains the same tokenomics as MATIC, with a maximum supply of 10 billion tokens.
Currently, the conversion rate between MATIC and POL is 1:1 but will increase by 2% every year, over the next 10 years, to support sustainable growth.
Of that 2%, 1% will be rewarded to validators, the remaining 1% will be deposited into the Community Reserve Fund to serve long-term development.
The project affirms:
"For validators, this emission model aims to ensure continuous rewards, encourage new validators to join the network and receive corresponding rewards."
On the user side, as the project has instructed before, MATIC holders on Polygon PoS do not need to perform any operations because the process is automatic.
Meanwhile, MATIC holders on Ethereum, Polygon zkEVM or on CEX exchanges must actively migrate to POL through the conversion contract.
Additionally, the project also leaves open the possibility of POL adding more features in the future, such as participating in block generation, generating zero-knowledge proofs, and participating in Data Availability Committees (DACs).
