From September 4th, this new token will replace $MATIC as the primary medium for transaction fees and staking on the Polygon network.

The blockchain developer said that the decision is instrumental in shaping Polygon Labs' future in the decentralized space and announced spin-offs of Polygon Ventures and PolygonID.

Amid the U.S. SEC's crackdown on its native token, Polygon is intensifying the development of its network. Polygon 2.0 promises a universal value network based on interconnected L2 chains, utilizing zero-knowledge proof technology.