Polygon’s POL token experienced a significant surge of over 15% on Friday morning, following its listing on Binance, the world’s leading cryptocurrency exchange. This price jump marks the unofficial conclusion of the MATIC token’s migration to POL, a process that began after a year of community discussions and was officially announced in July.
With this transition, POL becomes the new ticker symbol for the native gas and staking token on the Polygon PoS chain, an Ethereum-compatible, proof-of-stake sidechain.
The Block’s Vishal Chawla noted that the shift to POL is a vital part of Polygon’s evolution into a ZK chain and its integration with AggLayer, a system designed to streamline liquidity and state across various chains. Importantly, POL will retain MATIC’s existing tokenomics and a 10 billion token supply.
The initial exchange ratio between MATIC and POL was set at 1:1, with emissions planned to gradually increase by 2% over the coming decade. While MATIC holders on the PoS chain were automatically upgraded to POL, those on Ethereum, Polygon zkEVM, or centralized exchanges must actively migrate their tokens using a specific migration contract.
