Polygon’s MATIC Tokens Need to be Swapped to POL

Polygon Labs has upgraded its native token, MATIC, to the new Polygon Ecosystem Token (POL) as part of its transition to Polygon 2.0. The upgrade, completed on Sept. 4, converted MATIC to POL on a 1:1 basis, making POL the network’s gas and staking token.

🧵 POL Upgrade | Everything to Know 🧵

Users w/ MATIC on Ethereum can upgrade today via Polygon Portal Interface: https://t.co/Ibs1ONels1

There is no deadline for users to upgrade. All MATIC on Polygon PoS & staked MATIC on Ethereum will upgrade automatically on Sept 4. pic.twitter.com/qKnyYFrlqH

— Polygon | Aggregated (@0xPolygon) August 27, 2024

CEO Marc Boiron explained that POL is now a “hyperproductive” token, allowing the community to earn fees from various sources beyond just gas and staking, such as securing data availability and decentralizing a sequencer. This upgrade aims to boost community participation in Polygon’s growth.

MATIC holders are not required to upgrade immediately. Staked tokens will automatically convert to POL. The upgrade is a key step towards Polygon 2.0, which seeks to unify blockchains and provide infinite scalability.