Polygon launches MATIC to POL token upgrade with 2% annual issuance rate
2024-09-03 22:54:54
Polygon Wednesday official launch long term matic token conversion poldesk3cryptocurrencydesktopCrypto News
Polygon will officially launch the upgrade to convert its long-used MATIC tokens into new POL tokens this Wednesday. The upgrade is part of the "Polygon 2.0" roadmap to enhance the flexibility of token issuance, making POL a native token for the Polygon PoS chain and other chains in its ecosystem. The annual issuance rate of the new POL tokens will be 2%. Part of the supply will be used to reward validators of Polygon PoS, and the other part will go into the community vault to support the sustainable development of the ecosystem. Polygon Labs CEO Marc Boiron said that the upgrade is due to the technical limitations of MATIC tokens, and the new token issuance method will support the development of the community and decentralized network.
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