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Polygon migrates 6.5 billion MATIC to POL in network upgrade

Polygon migrates 6.5 billion MATIC to POL in network upgrade

GrafaGrafa2024/09/10 22:35
By:Liezl Gambe

Polygon (CRYPTO:MATIC) has successfully migrated 6.5 billion MATIC tokens to POL, marking a key milestone in its transition plan. 

This migration represents 64.8% completion in converting MATIC to POL as the new native token of the Polygon network, reflecting significant progress in the Polygon 2.0 upgrade. 

The migration, which began on September 4, 2024, is part of Polygon's roadmap to enhance scalability, security, and overall functionality. 

POL, which replaces MATIC, is designed to offer new features like multi-chain staking, allowing users to stake across different chains within the Polygon ecosystem. 

This feature is expected to boost network security and provide more opportunities for earning fees. 

The swap from MATIC to POL has sparked considerable activity among traders, particularly due to the tokens’ 1:1 conversion rate. 

According to Tom Wan, a strategist at 21.co, "1 billion MATIC has been migrated to POL today, pushing the migration ratio to 64.8%." 

The total migrated amount now stands at 6.5 billion tokens. 

POL brings broader utility compared to MATIC, making it more appealing to investors. 

The new token supports enhanced governance controls and fee generation from multiple sources, positioning it as a more attractive option for long-term holders. 

As Brian Quinlivan, lead analyst at Santiment, noted, “Unlike MATIC, which was mainly used for staking and gas fees, POL brings enhanced features like multi-chain staking... making POL much more attractive.” 

While the migration offers exciting prospects, it has also led to some confusion, particularly among retail traders unsure of how this shift affects their holdings. 

The Polygon team and social media influencers have been providing guidance to help users navigate the transition. 

At press time, the MATIC price was $0.3857.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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