A significant development is unfolding in the crypto world. Matic coin, which has long powered the Polygon network, is now giving way to POL coin. This transition is part of the 2.0 roadmap that is shaping the future of Polygon. Here’s what you need to know about this major transformation:
What Should Matic Holders Do?
For Matic coin holders, the good news is that there is no need for manual action during this transition. Matic assets on the Polygon PoS network will automatically be converted to POL coins at a 1:1 ratio. This means 1 Matic will be swapped for 1 POL, ensuring a seamless process without impacting users’ existing assets.
What is POL Coin, and How Does it Differ from Matic?
POL retains Matic’s current structure and its 10 billion token supply. However, it’s more than just a name change. POL plays a crucial role in strengthening Polygon’s ecosystem. It will be central to Polygon 2.0, actively participating in core features like staking, community ownership, and governance.
When Did the Transition Take Place?
The transition from Matic to POL was completed on September 10, 2024. As of this date, tokens in Matic holders’ wallets were updated to POL, and no further action was required from users.
What is the Purpose of This Change?
This transformation aims to make the Polygon ecosystem more flexible and scalable. POL coin should not be seen as just a token swap but as the foundation of the innovative infrastructure of Polygon 2.0. This step is designed to boost both the technical capacity of Polygon and its ability to reach a wider user base.
The transition from Matic to POL marks a significant milestone for the Polygon network. This innovation is seen as a key step in contributing to Polygon’s future growth and development. However, it is important to remember that crypto investments always carry risks. Therefore, it’s crucial to conduct your own research and understand the risks before investing.
With Polygon 2.0, a new chapter is opening in the crypto world, and POL coin will play a leading role in this process.