POL (ex-MATIC) (POL): What It Is, Uses and Risks

POL is the token that replaced MATIC as the native asset of the Polygon network. Polygon began as a scaling system for Ethereum, built so that transactions could be cheaper and faster than on Ethereum's main chain. Over time it grew into a family of chains and tools, and POL was introduced to fit that wider scope.

At the time of writing, POL is listed in categories such as Layer 2 tokens, Zero-knowledge (ZK) tokens, Smart Contract Platform, and the Polygon and Ethereum ecosystems. Those labels reflect how Polygon positions itself: as a network of networks, where several chains can connect to Ethereum and to each other, with POL as the shared token at the centre.

It is easiest to think of POL as the upgraded version of MATIC rather than a separate project. Holders of MATIC were able to switch to POL through an upgrade contract, and the Polygon PoS chain now uses POL as its gas and staking token. POL is a fungible token on Ethereum and Polygon, so it can be sent, held and used like other standard tokens on those networks.

Publicly, POL has two main jobs: paying transaction fees (gas) on the Polygon PoS chain, and staking. Staking means locking tokens to help secure the network, which in return can earn rewards. Validators, the operators who confirm transactions, stake POL, and ordinary holders can generally delegate their tokens to a validator instead of running infrastructure themselves.

Polygon's stated aim is for POL to do more than MATIC did. Early write-ups of the upgrade criticised MATIC for limited utility, mostly gas fees, and described POL as having a broader role across a set of connected chains. In that design, a single stake could in principle help secure several chains and earn rewards from each, though how much of that is live depends on the specific chain and the current software.

Outside the protocol, POL is also used like other crypto assets: traded on exchanges, supplied as collateral or liquidity in some DeFi apps, and used to pay fees by people using Polygon-based apps. Whether any of these uses is worth the risk is a separate question from what the token technically does.

As of 2026-11-05, the data shows about 10.64 billion POL in circulation, and the total supply matches that figure. No fixed maximum supply is listed, which means the supply is not capped in the data we have. Because circulating and total supply are the same here, the fully diluted valuation and the market cap are both about $1.03 billion.

Polygon has publicly described POL as having ongoing new issuance, intended to pay validator rewards and fund ecosystem development. We do not list exact emission rates here, so check Polygon's current documentation and governance forum for the latest schedule, since these parameters can be changed through governance.

The practical effect of continuing issuance is dilution: if new tokens are created faster than demand grows, each token represents a smaller share of the network. Staking rewards can offset this for those who stake, while non-stakers bear the dilution. The tokenomics are also tied to the MATIC history, since the original MATIC supply was converted into POL at the upgrade.

POL is issued on both Ethereum and Polygon. The Ethereum version is the main one used for staking and for the protocol's contracts, while the Polygon PoS version is what most users hold for everyday fees and app activity. Moving between them is done with a bridge, which is a set of smart contracts that locks a token on one chain and releases it on the other.

For holding, any wallet that supports Ethereum-compatible networks can generally hold POL, provided the right network is selected. For trading, POL is available on many centralised exchanges and on decentralised exchanges across Ethereum and Polygon. At the time of writing, 24-hour trading volume was about $65.5 million, which is a modest share of its roughly $1.03 billion market cap, and it ranks around 75th by market cap.

A frequent mistake is sending POL on the wrong network, for example to an exchange deposit address that only accepts the other chain. Always check which network an exchange or app expects before sending, and send a small test amount first.

Polygon launched as the Matic Network and later rebranded to Polygon, with MATIC as its token. It became one of the best-known Ethereum scaling projects, popular with apps and games that wanted lower fees than Ethereum offered.

In 2023 Polygon proposed replacing MATIC with POL, framing it as the foundation for a network of networks, including chains that use zero-knowledge proofs. The upgrade process was described as moving MATIC into an upgrade contract in exchange for POL, and the migration was scheduled for September 2024. Since then, Polygon PoS has used POL for gas and staking.

Price-wise, the data lists an all-time high of about $1.29 on 2024-03-13, a date that falls under the MATIC-to-POL history since the price series carries over. The all-time low in the data is about $0.0677, recorded on 2026-07-01. As of 2026-11-05 the price was about $0.096, up roughly 6.7% over seven days and down roughly 39.6% over one year. These figures describe the past and say nothing about what comes next.

POL carries the risks common to most crypto assets, plus some specific ones. Price volatility is high: the one-year change in the data is roughly -40%, and the token sits far below its 2024 peak. Anyone holding it should be ready for large swings in either direction.

Protocol risk matters too. Polygon's design relies on smart contracts, bridges and validators, and bugs or exploits in any of them could affect holders. Bridges in particular have been a frequent target across the industry. The broader plan for connected chains and shared staking is ambitious, and parts of it may change or take longer than expected.

Supply is another point: with no fixed cap listed and ongoing issuance described, dilution is possible. Governance decisions can change token economics. Competition is real as well, since many other Ethereum layer 2 networks and alternative chains compete for the same users and developers.

Finally, there are user-side risks: sending tokens to the wrong network, interacting with fake MATIC or POL token contracts, and phishing messages posing as migration help. Nothing here is investment advice.

For small amounts, a reputable self-custody wallet that supports Ethereum-compatible networks is the usual choice. Install the wallet only from the official source, write down the recovery phrase on paper, and never share it or type it into a website. Anyone asking for it is attempting theft.

For larger holdings, a hardware wallet keeps the private keys offline and requires physical confirmation for each transaction. You can still connect it to apps on Polygon and Ethereum. Consider keeping a spare copy of the recovery phrase in a separate secure location.

Before sending, confirm the network (Ethereum or Polygon PoS) and the token contract address from Polygon's official documentation, because copycat tokens exist. Because MATIC was replaced by POL, be wary of anyone offering a special migration service for a fee or asking you to approve unknown contracts.

If you stake or use DeFi apps, review token approvals periodically and revoke the ones you no longer need. Leaving tokens on an exchange is convenient for trading, but you then depend on that exchange's security and solvency.