Polygon, a layer-2 network atop the Ethereum blockchain, was on track to activate an upgrade on Wednesday that swaps out its longstanding MATIC token for a new POL token, allowing for more flexibility on issuance of new supply. The swap was due to start at 4 a.m. ET (8 a.m. UTC).

The planned switch was originally disclosed more than a year ago, in July 2023. While the planned switchover was well-telegraphed, the changeover is being closely monitored, since the token is widely held across crypto investor portfolios. MATIC is the 13th biggest cryptocurrency by market capitalization in the CoinDesk 20 index, at about $3.8 billion.

For many users, the swap will take place automatically, without any action on their part. The migration comes as a part of Polygon's planned revamp laid out last year in its "2.0" roadmap, to make POL the native token of its main chain – known as the Polygon PoS chain – and eventually other chains in the ecosystem.

Source: https://www.coindesk.com/tech/2024/09/04/polygon-begins-token-swap-in-move-to-allow-more-issuance/

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