Demex Daily #233: Polygon Migrates MATIC to POL for Polygon 2.0 Expansion

What’s Interesting Today:

Polygon Labs is migrating its MATIC token to POL as part of the transition to Polygon 2.0. The upgrade brings additional utility, allowing users to swap MATIC for POL on a 1:1 basis. POL will replace MATIC as the native gas and staking token and play a key role in the network's AggLayer, supporting cross-chain transactions. MATIC tokens on Polygon PoS will automatically convert to POL, while Ethereum-based MATIC holders must migrate manually through the Polygon Portal. The token is currently down 4%, trading at $0.38.

EigenLayer has released a major update to its restaking contracts, enhancing rewards for users. The upgrade improves EigenPods, allowing users to more easily restake Ethereum Beacon Chain rewards and earn additional benefits. It also includes UI improvements. EigenLayer currently manages about $11.5 billion in total value locked and supports various protocols, including EigenDA. The update aims to increase flexibility and security in restaking, though long-term yields and risks remain uncertain.