Date: Fri, Sept 13, 2024, 11:45 AM GMT
In the cryptocurrency market today, Binance has successfully completed the migration of Polygon’s native token from $MATIC to $POL and the trading is live of $POL. This milestone, which took effect on September 4, 2024, is more than just a name change—it represents a major upgrade for Polygon’s network, focusing on improved scalability, security, and interoperability.
Binance managed the transition with precision, converting all $MATIC tokens to $POL at a 1:1 ratio. The migration aligns with Polygon’s ambitious Polygon 2.0 upgrade, which aims to make the network more versatile and efficient for various blockchain applications.
At the time of writing Polygon (POL) is surges by impressive +8.79% and currently trading trading at $0.4122 with the marketcap of $2.89 billion.
What’s New with $POL?
The introduction of $POL isn’t merely about a new name. It signifies a broader transformation in Polygon’s approach to blockchain technology. Initially, $POL will function as both the gas and staking token for Polygon’s Proof of Stake (PoS) network. Looking ahead, $POL will also support Polygon’s new “AggLayer,” an aggregation layer designed to enhance interaction between different blockchains.
This upgrade promises to cut transaction costs, speed up transactions, and improve interoperability across diverse blockchain platforms.
Conclusion
The successful migration from $MATIC to $POL is a crucial step for Polygon as it transitions into a more advanced and interconnected blockchain network. With $POL set to enhance transaction efficiency and broaden interoperability, Polygon is positioning itself to better meet the demands of the evolving blockchain market.