Polygon (prev. MATIC) price, charts, marketcap and other stats

POL, formerly known as MATIC, is the native token of Polygon, a platform in the blockchain ecosystem focused on scalability and interoperability. Initially launched as MATIC on the Ethereum blockchain, the token has been rebranded to POL to reflect Polygon’s expansion beyond a single Layer 2 solution to a multi-chain ecosystem. The token now represents Polygon’s vision of creating an interconnected framework of chains optimized for Ethereum compatibility and decentralized applications (dApps).

How Does POL Work?

POL operates as the essential utility for Polygon’s ecosystem, enabling various functionalities and maintaining the network's security. The token facilitates transactions, powers dApps, and plays a critical role in staking, which is fundamental for Polygon’s Proof of Stake (PoS) consensus mechanism. Validators within Polygon’s network stake POL to validate transactions, secure the network, and earn rewards.

Polygon’s PoS mechanism ensures high-speed, cost-effective transactions, making POL integral to the ecosystem. By participating in staking, POL holders contribute to the overall stability and decentralization of the Polygon network.

Polygon’s Rebranding from MATIC to POL

In 2023, Polygon rebranded MATIC to POL to signify its transformation into a multi-chain network. The rebranding was a strategic move to align with Polygon’s new direction, expanding beyond a single Layer 2 solution for Ethereum into a full ecosystem supporting multiple chains. This shift highlights Polygon’s commitment to scaling Ethereum and establishing POL as a central token across interconnected blockchains, each benefiting from Ethereum’s security while offering enhanced scalability.

The rebranding also brings POL to the forefront as the native asset that powers this network, representing Polygon’s ambitions in the blockchain industry. The POL token serves as a bridge across various Layer 2 chains and enables interoperability in decentralized finance (DeFi) and Web3 applications.

POL Token Utility and Use Cases

The POL token has versatile applications within Polygon’s ecosystem, playing a key role in network operations and user engagement:

• Transaction Fees: POL is used to pay for transaction fees across Polygon’s network, supporting seamless interactions within the ecosystem.


• Staking and Security: POL holders can stake their tokens to support Polygon’s PoS consensus, enhancing network security and earning rewards.


• Governance: POL enables holders to participate in governance, allowing them to vote on protocol upgrades and ecosystem developments.


• DeFi and Gaming: POL is widely used within DeFi protocols and blockchain games, facilitating lending, borrowing, and in-game transactions.

Through these applications, POL enhances Polygon’s utility and positions it as an essential token for various blockchain use cases.

POL vs MATIC: What’s Changed?

While POL and MATIC represent the same asset, the transition from MATIC to POL signifies more than just a rebranding. POL encompasses broader functionality, aligning with Polygon’s multi-chain vision. Key distinctions include:

1. Ecosystem Scope: MATIC was limited to a single Layer 2 solution, while POL serves as the token for a multi-chain ecosystem, enabling scalability and interoperability across diverse applications.


2. Expanded Staking: With POL, Polygon has broadened its staking mechanism, allowing more validators and stakers to participate and secure various chains.


3. Governance Impact: POL empowers holders with enhanced governance capabilities, enabling them to shape the development of Polygon’s ecosystem on a larger scale.

Through these advancements, POL reflects Polygon’s expanded role as a multi-chain platform, making it more than just a transactional asset.

Polygon’s Multi-Chain Ecosystem

Polygon’s transition to POL has catalyzed its evolution into a multi-chain network, supporting numerous chains that integrate seamlessly with Ethereum. This ecosystem enables developers to build scalable applications with minimal transaction costs.

Staking and Rewards

Staking POL is fundamental to the security and efficiency of Polygon’s network. POL holders can stake their tokens, contributing to network stability while earning staking rewards. The staking process involves locking up POL tokens as collateral, supporting Polygon’s PoS-based consensus mechanism.

DeFi on Polygon

POL is integral to Polygon’s DeFi ecosystem, facilitating lending, borrowing, and yield farming across protocols. As a low-cost, high-speed blockchain network, Polygon is an ideal platform for DeFi, and POL plays a central role in these applications.

Polygon’s Role in Web3

As Web3 continues to grow, Polygon’s infrastructure supports a variety of decentralized applications beyond traditional finance. POL enables Web3 projects, including DAOs, NFT marketplaces, and metaverse projects, leveraging Polygon’s high performance and scalability.

Polygon Partnerships

Polygon has forged partnerships with major blockchain and tech players, integrating its token into various applications and platforms. Collaborations with projects like OpenSea, Decentraland, and Chainlink have expanded POL’s utility within DeFi and NFTs.

Polygon’s Scalability Solutions

Polygon’s suite of scalability solutions is enhanced by the POL token. By supporting technologies like zk-Rollups, Optimistic Rollups, and Polygon PoS, POL empowers developers to build applications that scale without compromising security.

Swapping MATIC for POL

Swapping MATIC for POL is straightforward:

1. Choose a Platform: Use an exchange or wallet supporting MATIC-to-POL swaps.


2. Select Swap: Choose MATIC as the token to swap.


3. Confirm: Review the conversion rate and fees.


4. Complete: Approve to swap MATIC for POL.


5. Check Balance: After the swap, verify your POL balance.

By following these steps, users can transition their holdings from MATIC to POL within the Polygon ecosystem.