Polygon's MATIC to POL Token Upgrade Is Now Live: What It Means for You

After weeks of anticipation, the MATIC to POL token upgrade has gone live as of the time of writing on Wednesday, September 4.

The MATIC to POL token upgrade is now live, introducing several changes to the Polygon network.

POL will now be used as the gas and staking token for the Polygon PoS chain. This means that transaction fees on the chain will now be charged in POL, and staking rewards will be paid out in the new token.

Additionally, POL has a new tokenomics model. While MATIC had a fixed supply of 10 billion tokens, POL is inflationary, increasing at a rate of 2% annually. However, the community can adjust the inflation rate in the future.

Of the 1% annual token emission, 0.5% will be allocated to validator rewards, and the remaining 0.5% will be directed to the community treasury.

According to Polygon Labs, the recent MATIC to POL upgrade is only phase 1 of the network’s development. In the future, POL will become a “hyperproductive token,” allowing users to earn multiple rewards across several blockchains within Polygon’s aggregated network.

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