In a significant advancement for the cryptocurrency sector, the Polygon team has commenced the official transition from the MATIC token to the newly introduced POL token. This change represents a crucial milestone for the second-layer blockchain network, reflecting the ongoing evolution within the crypto landscape.
Stay in the know on crypto by frequently visiting Crypto News Today
The initiation of this transition was first communicated in July and began implementation on Wednesday. Holders of MATIC tokens experienced an automatic conversion of their assets to POL tokens at a one-to-one ratio, ensuring a seamless transition for the community.
On Wednesday, the Polygon team took to Twitter to remind users of the impending upgrade, stating, “We interrupt your doomscroll with another reminder – MATIC will be upgraded to POL tomorrow.” This announcement was further supported by a blog post detailing the technical aspects of the upgrade, providing clarity and information to the community.
The blog highlights that the transition from MATIC to POL represents a significant advancement in aligning Polygon with its objective of becoming an “aggregated network of blockchains.” In the initial stage of this transition, POL will replace MATIC as the primary gas and staking token for the Polygon Proof-of-Stake (PoS) network. Furthermore, there are intentions for the new token to assume a vital role within the forthcoming AggLayer affiliate blockchain aggregation system.
The shift from MATIC to POL is described as a pivotal moment for the Polygon networks, as it enhances functionality and supports the overarching vision of Polygon as an integrated network of blockchains. The blog post elaborates on this technical upgrade, with the Polygon team providing additional insights regarding the migration process and its implications for the network’s future.
It is essential to recognize that the shift was prompted by the deliberate destruction of the MATIC upgrade keys several years prior, which effectively barred any subsequent modifications to the token.
“The main reason the upgrade was technically necessary is because the MATIC upgrade keys were intentionally burned years ago. That basically means we can’t make changes to that token,” Polygon Labs CEO Marc Boiron stated in an interview on Tuesday.
The introduction of the new POL token is anticipated to significantly alter the tokenomics of Polygon, featuring a decreased annual emission rate set at 2% of the total supply. A segment of the newly minted POL tokens will be allocated to incentivize Polygon’s Proof Of Stake (PoS) validators, while the remaining tokens will be channeled into the project’s treasury. This treasury will play a crucial role in supporting ecosystem development initiatives, which include a dedicated grant program.
Major centralized exchanges have initiated the process of facilitating the migration from MATIC to POL. Binance has publicly declared its intention to eliminate MATIC trading pairs from its platform on September 10, subsequently replacing them with the new POL token starting September 13. This transition marks a significant step in the evolution of Polygon’s token structure.
Interestingly, throughout this migration phase, the price of MATIC has exhibited a notable degree of stability. The cryptocurrency has been trading within the $0.38 range for the majority of the day, despite experiencing a decline of 5.34% over the preceding 24 hours. This resilience in price suggests a level of investor confidence amid the ongoing changes within the Polygon ecosystem.
W
e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.
Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.
We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.
When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.
CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.
We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
