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Polygon has launched the migration from MATIC to POL, introducing the hyperproductive token to its ecosystem. POL will serve as the core utility token, with support from leading exchanges. Investors can anticipate enhanced network functionalities and potential returns.
Polygon Launches MATIC to POL Migration
The MATIC to POL upgrade is scheduled to go live on September 4, according to an official announcement issued by Polygon Labs on July 18.
Today, the team finished the overhaul that was driven by the community. The hyperproductive POL token will replace the native gas and staking token in all Polygon Proof-of-Stake (PoS) transactions after the migration is successful.
POL Lays the Foundation for an Aggregated Network
The token's utility goes beyond a simple ticker change, as pointed out by Ethereum L2. Rather, POL was framed as a technological advancement that lays the groundwork for the ecosystem to evolve into an aggregated network in the future.
The grants ecology and community Treasury can both benefit from POL, according to Coingape, in addition to its gas utility.
In a similar vein, the blockchain may be used to pay governance fees or award validators.
Network Security and Sequencing Supported by POL
It also showed that it might help with network security for things like sequencing, ZK proof creation, DAC participation, and more. Remember that the community has to agree on all these possible uses for them.
Polygon has always said that the community's agreement is crucial for any future functionality expansions of POL, particularly inside the AggLayer.
POL to Fortify L2 Ecosystem Infrastructure
Investors in MATIC are not obligated to switch to the new gas token right away. Most importantly, the whole L2 ecosystem's infrastructure is meant to be fortified by the introduction of POL. In order to improve the network as a whole, it performs a variety of functions across the different blockchains that make up the network.
Investors might expect improved utilities to fully utilize the new protocol. Over time, Polygon has the potential to become a prominent Ethereum L2 with a significant portion of the market.
