Polygon’s MATIC has been upgraded to POL, driving a ‘hyperproductive’ token utility
Polygon has made key technical improvements to improve its native cryptocurrency service and bring Polygon 2.0.
As of September 4th, the Polygon (MATIC) token has been upgraded 1:1 to the new Polygon Ecosystem Token (POL) token.
Polygon Labs CEO Mark Boyron said the update will make it easier for the community to participate in the development of the network. Boyron exclusively told Cointelegraph:
“Now that 2% of emissions are coming through this reform, it creates an opportunity for the community to participate. […] Although complete migration does not occur, [season 1 of the community grants program] He created some releases that the community was able to use.
Interview of Polygon Labs CEO Marc Boiron with Zoltan Vardai of Cointelegraph. Source: YouTube
Polygon Token is the world's 21st largest cryptocurrency with a market capitalization of $3.7 billion. The update follows a year of intensive community discussions and consultation and is part of Boiron's wider Polygon 2.0 plan.
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Paul is becoming a symbol of “high productivity”.
The second biggest technical improvement was to make POL a hyperproductive token, according to Boiron.
The CEO of Polygon Labs explained:
“Paul goes a step further, and as he gets involved in different things in the Polygon network, he's going to be more efficient because he's getting payments from different sources.
While MATIC is only earning payments from gas and staking, the new POEL token will earn payments from additional actions, such as maintaining data availability or a series of decentralized, additional payment generation options on the horizon.
Boyron calls this hyperproductive token the next evolution of Ether (ETH), which can only earn gas payments from transactions.
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MATIC to POL migration: what you need to know
As the migration ends on September 4th, MATIC holders have no hard deadline to upgrade their tokens. All reserved MATICs are automatically converted to POL without any further action.
Matic to Paul upgrade. Source: Polygon
The testnet update was successfully completed on July 17th.
The new POL token will be included in Polygon's AggLayer – short for Aggregation Layer – which is similar to the cross-chain interoperability protocol used to connect to the Seed blockchain.
Technical migration is a critical part of Polygon 2.0's vision – the final evolution of Polygon's CDK and Aglier – which aims to provide “unlimited scalability” to integrate all blockchains, including layer-1s such as Ethereum and Bitcoin.
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