Polygon Launches MATIC To POL Token Migrations

POL will underpin Polygon’s forthcoming revamped staking layer

By: Samuel Haig Loading...

Polygon enabled MATIC holders to migrate their assets to its new POL token on Oct. 26.

Polygon announced the news via tweet, noting that several prominent DeFi dApps have integrated its migrator contract into their protocols, including CoWSwap, ParaSwap, and Kyber Network.

“The POL Upgrade was initiated today on Ethereum,” Polygon said. “You can find the POL contract at pol-token.eth.”

Polygon’s MATIC token is down 5% in 24 hours despite gaining 19% over the past seven days, according to CoinGecko.

Polygon launched POL on Oct. 25 by deploying its contracts on Ethereum, marking a significant milestone in the project’s “Polygon 2.0” overhaul.

Polygon said POL will underpin its coming revamped staking layer. Validators will be able to restake their POL to secure multiple Polygon chains at once. Restakers can also perform different validation services, including transaction sequencing and proof generation.

Polygon’s ecosystem currently spans ZkEVM, a Layer 2 rollup, PoS Chain, its long-standing Ethereum sidechain, and Supernets, its Layer 3 architecture. Polygon is also developing Miden, a ZK-STARK-based L2.