Polygon has successfully migrated 6.50 billion MATIC tokens to POL, marking a significant milestone in the network's transition plan. This brings the total conversion rate to 64.8%, indicating progress in the shift from MATIC to POL as Polygon's native token. The migration began on September 4, 2024, and is part of the Polygon 2.0 roadmap to enhance scalability, security, and functionality. POL replaces MATIC as the token for gas fees and staking and offers additional features like multi-chain staking. Traders have been actively swapping their MATIC tokens for POL, attracted by the tokens' 1:1 conversion rate and POL's enhanced utility, including governance controls and fee generation from multiple sources. However, there has been some confusion among retail traders, but the Polygon team and social media influencers have provided guidance. MATIC will be gradually phased out as the migration continues.



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