Polygon begins the migration from MATIC to POL, increasing its “hyperproductive” utility.

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Polygon has executed a key technical update, converting its native cryptocurrency MATIC to the new POL token on a 1:1 basis. The update, which will take effect from September 4, aims to improve the utility of the token and pave the way for Polygon 2.0.

The POL token now serves as the network’s native gas and stake token, marking a significant step in Polygon’s evolution. Marc Boiron, CEO of Polygon Labs, emphasized that this update will better enable community participation in the growth of the network.

“Now that 2 percent emissions are being introduced through this update, it will give the community an opportunity to participate,” Boiron said in an interview, adding that before the full migration, the community grant program had already created emissions for community use .

The Polygon token, currently the 21st largest cryptocurrency with a market cap of $3.7 billion, underwent this upgrade following extensive community discussion and consensus building over the past year. The change is a crucial part of Boiron’s larger vision for Polygon 2.0.

From MATIC to POL

A key goal of the upgrade is to turn POL into a “hyperproductive” symbol. Unlike its predecessor MATIC, which earned fees only from gas and stake, POL will generate commissions from additional shares. Crypto Briefing previously covered more details expected from the update in a recent article. These include the stake to ensure data availability and sequential decentralization, with more fee generation options planned for the future.

Working towards a “hyper-productive” token system.

Boiron describes this hyperproductive token as the next evolution beyond Ethereum’s ETH, which is limited to earning gas fees from transactions. “POL takes it a step further and as it kind of gets embedded in the different things in the Polygon Network, it becomes hyperproductive in the sense that it can earn fees from many different sources,” he explained.

For MATIC holders, there is no strict deadline for upgrading tokens. All staked MATIC will be automatically converted to POL without any further action required. The test network upgrade was successfully executed on July 17, paving the way for the main network deployment.

The new POL token will also play a crucial role in Polygon’s AggLayer, an aggregation layer similar to a cross-chain interoperability protocol. This development is part of the larger Polygon 2.0 vision, which aims to provide “infinite scalability” by unifying all blockchains, including Layer-1 networks like Ethereum and Bitcoin.

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