As promised, I'll be answering questions users have about the migration from $MATIC to POL and what it means for the Polygon ecosystem.
Why is Polygon replacing MATIC with POL?
Polygon is looking to improve the functionality and flexibility of its network with the launch of the POL token. The latter is designed to better integrate with Polygon 2.0 and its AggLayer, an infrastructure that will allow multiple blockchains to coexist and communicate efficiently. POL therefore offers more opportunities for development and governance within the Polygon ecosystem.
What is POL and What are its New Functions?
POL is Polygonâs new native token. It replaces MATIC as the gas and staking token on the Polygon PoS network. In addition to these functions, POL will play a key role in participating in network governance, managing Data Availability Committees (DACs), and other upcoming features.
What Should MATIC Holders Do?
MATIC holders on the Polygon PoS network do not need to migrate their tokens manually. However, those holding MATIC on Ethereum, Polygon zkEVM, or centralized exchanges will need to follow the official instructions to migrate their MATIC to POL.
How Will Migration Be Managed?
The migration started on September 4, 2024 and will be rolled out gradually. Polygon has set up an official guide to help users migrate their tokens securely.
What Improvements Does POL Bring?
POL introduces new features that did not exist with MATIC, including better governance and expanded roles in network security. POL will also be a key player in the AggLayer system, which will improve communication between different blockchains associated with Polygon.
Are there any risks associated with migration?
The risks are minimal if users follow the instructions provided by Polygon. However, it is essential to remain vigilant against potential scams and use only official channels for migration.
What Will Be the Impact of POL on Tokenomics?
POL introduces a new issuance rate of 2% per year, intended to compensate validators and support ecosystem initiatives through the community treasury.
What Are the Long Term Benefits for Polygon?
This migration strengthens Polygonâs ecosystem by introducing a more flexible token that is better suited to the needs of users and developers. It will also allow Polygon to manage increased interoperability between different blockchains, while remaining competitive with other platforms.
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Disclaimer: This article does not constitute investment advice. Cryptocurrency markets are volatile and involve risks. Always do your own research before making any financial decisions.
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