Polygon (POL) Migrates 6.50 Billion MATIC Tokens, Marking a Key Milestone in Its Transition Plan

The MATIC migration process began on September 4, 2024, and is a core part of the Polygon 2.0 roadmap.

Polygon has now migrated 6.50 billion MATIC tokens to POL, marking a key stage in the network’s transition plan.

This brings the total conversion rate to 64.8%, a crucial metric in the shift from MATIC to POL as Polygon’s native token.

POL Migration: 6.50 Billion MATIC Transferred

The MATIC migration, which began on September 4, 2024, is a central part of the Polygon 2.0 roadmap. First announced in mid-2023, this upgrade aims to enhance the network’s scalability, security, and overall functionality.

POL will replace MATIC as the token for gas fees and staking, offering additional capabilities such as multi-chain staking. This is expected to improve network security by enabling staking across multiple chains within the Polygon ecosystem.

The switch has spurred a lot of activity among traders, with many swapping their MATIC tokens for POL, especially considering the 1:1 conversion rate. According to Tom Wan, a strategist at 21.co, over 1 billion tokens were migrated on September 10 alone, bringing the total to 6.50 billion tokens.

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

Read more: How To Transfer MATIC to POL

POL’s broader utility makes it more appealing to investors. It introduces functionalities that were not available with MATIC, such as enhanced governance controls and fee generation from multiple sources. These factors are expected to make POL more attractive to long-term holders.

“Unlike MATIC, which was primarily 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,” said Brian Quinlivan, lead analyst at Santiment.

Read more: Polygon (POL) Price Prediction 2024/2025/2030

However, the transition has also caused some confusion, particularly among retail traders who are concerned about how the change will affect their portfolios. While the Polygon team has provided detailed instructions to guide users through the process, social media influencers have also played a role in clarifying the implications of the migration.

As the migration progresses, MATIC will be gradually phased out, giving users sufficient time to adapt to POL.

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