$MATIC has been upgraded to $POL
$MATIC has been upgraded to $POL. The upgrade process will be done automatically, with $MATIC holders receiving a 1:1 ratio of $POL tokens in 24 hours. $POL is the new native token of the Polygon network, with various uses including transaction fees, staking, governance, and incentivizing network participants such as validators and developers. $POL holders will also have voting rights on network proposals and decisions.$MATIC will upgrade to $POL, capturing the value of Polygon 2.0. Rekt Gang founder Zerk.eth analyzes the upgrade process and token utility, as well as the token economics and impact of $POL.
What is $POL utility? It will power the staking layer of Polygon 2.0. Validators will be required to stake $POL to participate in the block production process of any ecosystem chains, including Validium, zkEVM rollup, and Supernets. Benefits for users: become validators by holding $POL; earn protocol rewards; earn transaction fees; additional rewards (depending on the chain); participate in governance.
How to upgrade from $MATIC to $POL? Conversion from $MATIC to $POL will be done at a 1:1 ratio. You will have 4 years to upgrade (process is manual). Make sure to use official Polygon links (beware of scams). $POL token economics: initial supply of 10 billion, same as $MATIC, but $POL’s token annual inflation rate will also be 2%, split between validator rewards (1%) and community treasury (1%). Why is it important? There have been many issues around $MATIC following the release of Polygon 2.0. It appears that $MATIC will transition from being a gas token to a reward and governance token ($POL). This upgrade will unify and capture the value of Polygon 2.0.
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Reference: https://twitter.com/Rekt_Zerker/status/1679479565503328256
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