Polygon Labs, the team behind scaling solutions including Polygon PoS, is upgrading its MATIC token to POL today in a major step towards Polygon 2.0. All MATIC tokens used in smart contracts, DeFi, liquidity pools, and Polygon’s Proof-of-Stake consensus will be migrated to POL. Users will be able to swap assets on a 1:1 basis. The switch sets the foundation for Polygon 2.0, a network that aims to be a zero-knowledge Ethereum Virtual Machine (zkEVM). The migration comes as the token touches its lowest level since June 2022. It is down 4% today to $0.38. According to Polygon, POL will replace MATIC as the native gas and staking token within the network. The long-term goal is for it to serve a crucial role in the AggLayer–a bridge that unites Polygon PoS with the network’s SDK, a data availability solution, a privacy roll-up dubbed Polygon Nightfall, and Polygon Zero, a zero-knowledge roll-up. The AggLayer will also aggregate zero-knowledge proofs from all connected chains, allowing for secure, near-instant, and atomic cross-chain transactions. If users are holding MATIC tokens on Polygon PoS, they will be automatically converted into POL. MATIC holders on Ethereum will need to migrate their tokens to POL through the Polygon Portal Interface, and users holding MATIC on hardware wallets may need to manually convert to POL.