MATIC to POL: Polygon's Crypto Gets a Makeover

On September 4th, Polygon upgraded its current token to POL. This is the first step towards POL being used across multiple Polygon chains. For now, POL will replace MATIC as the token used for gas fees and staking on the Polygon PoS network.

If you hold MATIC on the Polygon PoS network, you don't need to do anything. The upgrade will happen automatically. If you hold MATIC on Ethereum, Polygon zkEVM, or a centralised exchange, you might need to take action to upgrade your if you wish to do so.

CoinJar has for our customers to change MATIC to POL.

Why the change?

MATIC, the native token of the Polygon network, is being replaced by POL as part of a larger upgrade called Polygon 2.0. This transition is a strategic move with several reasons behind it:

Enhanced functionality

POL will have expanded utility within the Polygon ecosystem, including governing the network, participating in decision-making, and potentially unlocking new features and use cases.

Unified token

Polygon currently has multiple scaling solutions (PoS, zkEVM), each with its own tokenomics. POL aims to unify these under a single token, removing the complexity from the user experience and creating a more cohesive ecosystem.

Future-proofing

The cryptocurrency landscape is rapidly evolving. POL is built with flexibility in mind, enabling it to adapt to future technological advancements and emerging trends within the blockchain space.

Improved tokenomics

The goal is to create a more sustainable and rewarding system for token holders and validators, ultimately contributing to the long-term growth of the network.

Marketing and branding

Rebranding to POL provides an opportunity for Polygon to refresh its image, attract new users, and communicate its evolving vision as an established player in the layer-2 scaling solutions space.

In essence, the change is a reflection of Polygon's ambition to become a more comprehensive, scalable, and user-friendly platform for decentralised applications and blockchain innovation. It's a step towards a future where Polygon plays a central role in the broader adoption of blockchain technology.

What happens to my MATIC?

If your MATIC is on Polygon, you don't have to do anything! Your MATIC will automatically transform into POL on September 4th.

If your MATIC is elsewhere, Polygon has instructions for how to swap it for POL. It's a little more involved, but still pretty user-friendly.

Should investors be worried?

Think of it like a company changing its logo – the core product is still the same, just with a fresh look and some improvements under the hood. The value of your holdings should remain the same, just represented by a different token. Although you should bear in mind market value fluctuations.

Polygon is aiming to become the "internet of blockchains" – a hub where different blockchains can connect and work together. POL is a big part of that vision. It's designed to be the fuel that powers this interconnected network, making the whole crypto world more efficient and accessible.

Conclusion: MATIC to POL

This change shows how projects like Polygon are constantly looking for ways to improve. It's important to stay informed, but there's no need to worry.