Polygon, one of the well-known Ethereum scaling solutions, is planning to evolve by migrating from its native token, Matic, to a new token called POL, after the name of the Polygon network.
This transition is a notable point in the history of the Polygon platform since it expands from a single Proof-of-Stake network to a multi-chain ecosystem supported by zero-knowledge technology.
It is also a significant event for KvaPay, as well as for you, our users since MATIC is available for exchange on our platform.
Why the migration matters
POL will pose as the backbone of the Polygon network by playing a role in securing the network, rewarding validators, and enabling cross-chain transactions across blockchains.
Additionally, Polygon is introducing the AggLayer, which allows seamless cross-chain communication and powers the POL token to improve interoperability across the network.
Use cases and latest projects
Upgrades like the Polygon SDK and Plasma Chains are just a few technological innovations that boost the network’s capacity for low-cost, high-speed transactions. This makes POL a strong fit for different applications:
DeFi: Polygon is a base for different decentralized finance platforms that offer low fees and quick transactions, making it a hub for staking, yield farming, and liquidity pools.
Gaming: Polygon has become the favorite network among blockchain-based gaming platforms for in-game transactions and cross-chain asset transfers, thanks to the support of high transaction volumes.
Enterprise applications: Businesses use Polygon for supply chain management, identity verification, and more, making it a versatile blockchain-based business tool.
How to exchange MATIC for POL
As MATIC transitions to POL, your remaining account balances in MATIC will be exchanged for POL automatically. Abstracting away from the meaning of this transition, it is a change of the token's name. Follow KvaPay’s Instagram and Telegram channel for more blockchain news in the future!
Tags:
Share: