6.50 Billion MATIC Tokens Migrated to POL

By admin On Sep 10, 2024

As of today, Polygon has successfully migrated 6.50 billion MATIC tokens to POL, marking a significant milestone in the network’s transition plan.

This brings the total conversion rate to 64.8%, a key indicator of progress in the shift from MATIC to POL as Polygon’s native token.

POL Migration: 6.50 Billion MATIC Transferred

The MATIC migration process began on September 4, 2024, and is a core part of the Polygon 2.0 roadmap. First discussed in mid-2023, this upgrade was designed to enhance the network’s scalability, security, and overall functionality.

POL replaces MATIC as the token for gas fees and staking, offering additional features like multi-chain staking. It is expected to improve network security by allowing staking across multiple chains in the Polygon ecosystem.

The switch has sparked significant activity among traders, with many swapping their MATIC tokens for POL, particularly given the tokens’ 1:1 conversion rate. Tom Wan, a strategist at 21.co, said that on September 10 alone, over 1 billion tokens were migrated, bringing the total sum to 6.50 billion tokens.

“1 billion MATIC has been migrated to POL today, pushing the migration ratio to 64.8%,” Wan affirmed.

Polygon Migration Progress. Source: Dune

POL’s broader utility makes it more appealing to investors. It offers features that MATIC did not, such as enhanced governance controls and fee generation from multiple sources. These factors make POL more attractive to long-term holders.

“Unlike MATIC, which was mainly used for staking and gas fees, POL brings enhanced features like multi-chain staking, allowing users to stake across different chains in the Polygon network. This feature improves network security and offers new opportunities for earning fees, making POL much more attractive,” Brian Quinlivan, lead analyst at Santiment, said.

However, the transition has not been without confusion, especially for retail traders concerned about how the change impacts their portfolios. While the Polygon team has provided detailed steps to guide users through the process, social media influencers have also helped clarify the migration’s implications.

As the migration continues, MATIC will be gradually phased out, giving users ample time to adjust to POL.

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