Polygon Developers Have Converted MATIC Tokens to POL

According to The Block, Polygon's development team announced that the MATIC token has been converted to POL. POL is now the native gas and pledge token on Polygon's PoS chain and is expected to go live on all major exchanges. This migration is a key step in Polygon's evolution to the ZK chain and integration with AggLayer, which aims to consolidate liquidity and state across multiple chains.

POL will maintain MATIC's original token economics model, distribution methodology, and total supply of $10B. MATIC holders on the Polygon PoS chain will not need to take any action and their tokens will be automatically upgraded to POL. However, MATIC holders on Ether, Polygon zkEVM, or centralized exchanges will need to voluntarily convert their tokens to POL through the migration contract. POL.