According to The Block, Polygon developers have migrated MATIC tokens to POL after a year of extensive community discussions.

POL is now the new trading symbol for the native gas and staking token on the Polygon PoS chain.

After a year of extensive community discussions, Polygon developers announced that the migration of its tokens to POL has gone live.

This change introduces POL as the new trading symbol for the native gas and staking token on the Polygon PoS chain. Exchanges are expected to list the upgraded token.

Migration to POL is a key component of Polygon’s evolution towards a ZK chain, and its integration with AggLayer, which aims to consolidate liquidity and state across multiple chains. POL will maintain MATIC’s existing token economics and have a supply of 10 billion tokens.

The initial exchange ratio of MATIC to POL is set at 1:1, and the issuance will gradually increase by 2% over the next decade to support growth. Polygon said: "For validators, this issuance model ensures continuous rewards and attracts new validators to join and participate."

MATIC holders on Polygon PoS do not need to take any steps as the upgrade to POL will happen automatically. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges must actively migrate their tokens to POL through the migration contract.

The upgraded POL token will have expanded functionality in the future, including roles in block production, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).

Polygon employs two scaling solutions: a sidechain called Polygon PoS and a zero-knowledge rolling network called Polygon zkEVM.

POL was first proposed as the native token after the network upgrade in July 2023. In July of this year, Polygon officially announced that the MATIC token will be upgraded to POL on September 4.