🔥Starting today, the $MATIC token will become P0L
The measure is part of the changes to guide Polygon towards its version 2.0
For the user, the change between tokens will be done automatically. With P0L, changes are implemented at the level of issuance, staking and project financing.
According to a report published by CoinDesk, the change to the MATIC token will become effective after an update that will be applied on September 4. This change will enable greater flexibility for the new cryptocurrency, which will be evident in aspects such as its supply and other operational benefits.
As indicated by the Polygon team at the time, for the user, the change between both cryptocurrencies will be done automatically, so their assets will now be expressed in the P0L token instead of MATIC. This migration is part of the roadmap laid out by the development team since last year, to bring the network to its 2.0 version.
Regarding P0L, the token will replace MATIC as the native unit of the network, which will now be used for the payment of GAS fees and staking systems for transaction processing. This will also extend to the other subnets within the Polygon ecosystem, mainly with Agg Layer, the layer for adding affiliate ecosystems built with the project's technology.
One of the most important changes that P0L brings in economic matters is the new annual emission rate, which will be fixed at 2% for a period of 12 months. Part of this supply will be allocated to the network's validators as rewards, while another portion will become part of the treasury, which will be managed in a community way to support projects that contribute to the development of the Polygon ecosystem.
