Polygon is detailing the transition process from the#MATICtoken to the new#POLtoken, scheduled to occur in September 2024. The goal of this change is to increase network efficiency and improve governance, providing a more self-sustainable system for the growth of#Polygonas an aggregated network of #blockchains.
The new POL token will be multipurpose, supporting staking, governance, and fee payments on the Polygon network. It is designed to be more scalable and sustainable compared to MATIC.
MATIC holders will need to exchange their tokens for POL, and Polygon will provide a portal to facilitate this exchange. The transition will officially begin on September 4, 2024, with support from Polygon developers to ensure the process is smooth.