Polygon Completes Migration to POL Token with Native Staking Launch
Polygon has completed its network upgrade from the MATIC token to the POL token, announced on September 3. The transition allows native staking of POL directly on Ethereum, enabling users to earn validator rewards.
Key points include:
- Trading volume peaked at over $631 million on September 1 due to market anticipation.
- The price rose to nearly $0.29 prior to the official announcement, stabilizing around $0.28 post-confirmation.
- Staking functionality allows POL holders to secure the network and receive validator rewards, with eligibility for future airdrops.
- Unique address counts reached 527 million as of September 3, reflecting user growth.
- Total Value Locked (TVL) in the DeFi ecosystem hit $1.23 billion in August, up 43% year-to-date.
- The departure of co-founder Mihailo Bjelic in May raised discussions about long-term project stability.
- Government adoption includes use for document verification in the Philippines and the launch of Wyoming's Frontier Stable Token on Polygon.
- The upgrade maintained a 1:1 swap ratio from MATIC to POL and introduced a new tokenomics model with 2% annual emission over ten years for network security and grants.
A migration tool is available for users who have not yet transitioned to POL.