Polygon Ecosystem Token

Polygon PoS is a blockchain created to complement the Ethereum blockchain and solve scalability issues including rising fees and slow processing speeds.

The Polygon Ecosystem Token (POL) is expected to serve multiple purposes  across all chains within the ecosystem, including the use as validator rewards and community funds.

By utilizing Polygon Ecosystem Tokens (POL), users can act as validators within the ecosystem, propose improvements, and contribute to the enhancement of the network.

Notes on Polygon Ecosystem Token (POL) transfers

In September 2024, Polygon Labs, the foundation that is managing the Polygon Protocol, changed the name of the Polygon PoS-based token from Polygon (MATIC) to Polygon Ecosystem Token (POL).

However, both Polygon (MATIC) and the Polygon Ecosystem Token (POL) continue to exist on the Ethereum network, and bitFlyer supports both of the Ethereum-based assets. Polygon (MATIC) and the Polygon Ecosystem Token (POL) are two separate crypto assets and transfer addresses are not the same.

We only accept the transfer of ERC-20 tokens on the Ethereum network for transfers of the Polygon Ecosystem Token (POL) at bitFlyer, and do not accept the token on other networks. When transferring the relevant crypto assets from our company to an external party or from an external party to our company, please select "ERC-20" for the destination wallet. If you select any other network, the transfer may fail and your crypto assets may be permanently lost, so please confirm that the wallet network is set as Ethereum network.