Polygon to Switch from MATIC to POL on September 4th!

Starting September 4th, 2024, $MATIC, the native gas and staking token for @0xPolygon 's Proof-of-Stake (PoS) network, will be replaced by $POL.

POL aims to enhance #Polygon's functionality and support AggLayer, a key part of the network's scaling strategy.

AggLayer Vision 👀

Unified Network:#AggLayerwill create a multi-chain network with shared liquidity and state across connected chains.

ZK-Powered Chains: Host multiple ZK-powered#Layer1and#Layer2blockchains, secured by a common set of validators.

Simplified Transactions: Cross-chain transactions will occur almost instantly with a single bridge connecting each blockchain to #Ethereum.

POL Token 🪙

- $POL will replace $MATIC in a 1:1 ratio.

- POL validators will oversee multiple chains within AggLayer.

- Validators will receive additional rewards and have new roles.

- POL will support the Community Treasury to incentivize protocol development, research, and adoption.

- POL holders will have a say in the governance of the Community Treasury.

POL Tokenomics 🪙

Supply: 10 billion $POL tokens equal to the total supply of MATIC.

Emission Rate: 1% annual emission for staking rewards and Community Treasury funding, additional 1% annual compound interest for the treasury.

So what will be the impact on $MATIC holders? 👇🏼

MATIC holders on the Polygon PoS chain will automatically migrate to POL. However, MATIC holders on Ethereum, Polygon zkEVM or centralized exchanges will need to manually upgrade their MATIC to POL.

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