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Everything you need to know about the Polygon POL token upgrade 📢📢 Recently, the Polygon POL token upgrade went live on the Ethereum mainnet. People are asking what it is, why #Polygon is doing this, and what you need to do as a MATIC holder. So let's discuss…
Why is Polygon doing this?
Let's discuss the reasons behind Polygon's move.
1⃣ With the introduction of the Polygon #POL token, users can now propose and vote on various proposals related to the platform’s development and direction.
2⃣ The POL token will act as a utility token, providing access to various services and functionalities on the network, thus providing multiple use cases.
3⃣ This upgrade involves the migration of smart contracts, allowing for better integration and flexibility.
4⃣ POL tokens can be moved across different chains, enhancing the overall connectivity of the network and thus making it interoperable.
What do MATIC holders need to do?
💥 If you are holding your #MATIC on a centralized exchange, you don't need to do anything, as exchanges usually facilitate token swaps and migrations for users automatically.
💥 If you self-custody MATIC, familiarize yourself with the migration process outlined in the POL whitepaper and official Polygon resources.
💥 Also, the maximum supply of POL will be 10 billion, just like MATIC, and the swap will be in a 1:1 ratio.
I hope this information has helped clarify most of your doubts.
Let's discuss the reasons behind Polygon's move.
1⃣ With the introduction of the Polygon #POL token, users can now propose and vote on various proposals related to the platform’s development and direction.
2⃣ The POL token will act as a utility token, providing access to various services and functionalities on the network, thus providing multiple use cases.
3⃣ This upgrade involves the migration of smart contracts, allowing for better integration and flexibility.
4⃣ POL tokens can be moved across different chains, enhancing the overall connectivity of the network and thus making it interoperable.
What do MATIC holders need to do?
💥 If you are holding your #MATIC on a centralized exchange, you don't need to do anything, as exchanges usually facilitate token swaps and migrations for users automatically.
💥 If you self-custody MATIC, familiarize yourself with the migration process outlined in the POL whitepaper and official Polygon resources.
💥 Also, the maximum supply of POL will be 10 billion, just like MATIC, and the swap will be in a 1:1 ratio.
I hope this information has helped clarify most of your doubts.