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Polygon's native token transitioned from MATIC to POL in September 2024. POL serves as the gas and staking token for the Ethereum scaling solution.
Polygon, a blockchain platform designed to scale Ethereum, has officially upgraded its native token from MATIC to POL. The transition, which took place on September 4, 2024, positions POL as the central gas and staking asset for the network [2]. This upgrade supports the platform's goal of providing a multi-chain system compatible with Ethereum while addressing issues like high fees and slow speeds [1].
Key takeaways
The migration from MATIC to POL was described as a strategic move to align the network with its expanded capabilities and a revamped roadmap aimed at real-world scale and utility [2]. POL is an ERC-20 token that serves as the native gas token, powering all transactions within the ecosystem [2]. Beyond transaction fees, the token is used for staking, a process where holders lock up tokens to secure the network and validate transactions [1]. In return
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Polygon aims to scale the Ethereum network by providing a multi-chain system that addresses high transaction fees and slow processing speeds.
The project was launched in 2017 by four software engineers: Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.
POL is the native token used for staking to validate network transactions and serves as a settlement currency within the ecosystem.
Yes, Polygon has collaborated with companies such as JPMorgan Chase, Starbucks, Mastercard, and Reliance Jio for various blockchain-based projects.