The conversion is underway, and simply 1 week in to the method, Polygon is reporting the bulk of tokens already transformed (Over 60%).
Polygon is migrating from MATIC tokens to a new coin known as POL, which is able to serve as the first token for gasoline charges and staking whereas introducing options like multi-chain staking. This improve is predicted to bolster community safety by enabling staking throughout a number of chains inside the Polygon ecosystem. The rebranding to POL additionally aligns higher with the Polygon title, addressing a longstanding discrepancy the place the token for ‘Polygon’ was traded beneath the image ‘MATIC.’ Whereas the precise origins of this naming are unclear to many, together with merchants, the change appears logical.
The migration from MATIC to POL started on September 4, 2024, as a key initiative within the Polygon 2.0 roadmap. Initially introduced in mid-2023, this improve goals to improve the community’s scalability, safety, and total performance.
Will the new token’s options enhance investor attraction?
The normal consensus is constructive. POL’s enhanced options, like multi-chain staking, are anticipated to attraction to buyers by permitting staking throughout numerous chains within the Polygon community, thereby rising community safety and offering new charge-incomes alternatives.
Do you want to take any motion?
In the event you maintain MATIC on the Polygon blockchain, your tokens might be routinely transformed to POL. Nonetheless, for those who maintain MATIC tokens (ERC-20) on Ethereum’s blockchain, you will have to go to the POL Portal to convert your tokens. For these holding MATIC on a centralized trade, it’s important to verify with the trade concerning their plans for the migration, as you should still want to handle the conversion manually in some instances.
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Creator: Trevor Kingsley
Tech News CITY // New York Newsroom