What is MATIC? Polygon's token, now POL

Short answer: MATIC was the native token of Polygon, a network that makes Ethereum faster and cheaper. Since 4 September 2024, MATIC has been replaced by POL on the Polygon PoS network, at a rate of 1 MATIC for 1 POL. POL is now used to pay transaction fees and to secure the network through staking.

Polygon and MATIC: what are we talking about?

Polygon is an ecosystem of Ethereum-compatible blockchains. Launched in 2017 as Matic Network, it was designed to address Ethereum's limits in throughput and fees. Its main network, Polygon PoS, processes transactions faster and for a few cents, while remaining compatible with Ethereum wallets and applications.

MATIC was the token that ran this network: it was used to pay transaction fees (gas) and to reward the validators who secure the chain.

From MATIC to POL: what changed

On 4 September 2024, Polygon launched the migration from MATIC to POL. In practice:

• POL became the native token of Polygon PoS: it pays for gas and is used for validator staking
• The conversion is 1 to 1: 1 MATIC gives 1 POL
• On exchanges, the conversion was generally carried out automatically for users
• If you still hold MATIC on Ethereum in a personal wallet, you can migrate it through Polygon's official portal

When you see "MATIC" or "Polygon (MATIC)" on a website or an app, it therefore now refers to POL.

How Polygon PoS works

Polygon PoS relies on a proof of stake mechanism. Validators lock up POL to take part in consensus and are economically incentivised to behave honestly. The network produces blocks quickly, then regularly records checkpoints on Ethereum, which anchors its security to the main blockchain.

For the user, the result is simple: an Ethereum wallet address also works on Polygon, confirmations take a few seconds and fees remain very low.

Why Polygon is suited to payments

• Very low fees: a few cents per transaction, compatible with small amounts
• Fast confirmation: suited to a checkout
• Ethereum compatibility: everyday wallets (MetaMask, Rabby, Trust Wallet…) support Polygon natively
• Stablecoins available: USDC and EURC circulate on Polygon, which lets you pay without volatility

Paying in POL or on Polygon with Lyzi

Polygon is one of the networks accepted directly by Lyzi. At equipped merchants, you can pay from your wallet in POL, or in USDC and EURC on Polygon for a stable amount. The merchant is settled in euros, with no exposure to volatility.

• The merchant displays the payment QR code on their terminal
• You scan the QR code from your wallet and choose the Polygon network
• You select POL, USDC or EURC, then confirm

Do you hold another token, for example USDT? Exchange it for USDC on Polygon through the Lyzi swap, a simplified, multi-chain decentralized finance (DeFi) tool, used from your wallet and outside the regulated payment flow. For an overview, read our complete guide to paying with crypto.

Key takeaways

• MATIC was Polygon's token. It was replaced by POL in September 2024, 1 to 1.
• POL pays fees and secures the Polygon PoS network.
• Polygon offers fast, low-cost payments compatible with Ethereum wallets.
• With Lyzi, you can pay in POL, USDC or EURC on Polygon at equipped merchants.