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POLY can be upgraded to POLYX at a rate of 1:1
We're thrilled to share that both User Interfaces for Polymesh Mainnet and the 1:1 POLY:POLYX Upgrade Bridge are now live, meaning Polymesh is officially ready for users!
Users can now onboard to Polymesh through one of its designated customer due diligence providers and use the chain to create, issue, and manage security tokens, as well as participate in on-chain activities like governance and staking.
Users can also claim any ITN rewards as well as upgrade their POLY tokens to POLYX through the POLY:POLYX Upgrade Bridge.
POLYX on Polymesh will not be created from scratch. With the launch of the chain, the main mechanism to build the supply of POLYX is through an upgrade bridge allowing users to upgrade their Ethereum-based POLY utility tokens to POLYX on Polymesh. This upgrade opens the door for users to create and manage security tokens (through Token Studio) and secure the chain (through staking). POLY can be upgraded to POLYX at a 1:1 ratio (i.e. 1,000 POLY = 1,000 POLYX). Polymath recommends that the Polymesh Governing Council maintain the POLY to POLYX Upgrade Bridge for at least one year following the launch of Polymesh mainnet.
Upon the Polymesh mainnet launch, Polymath will upgrade between 240 million and 250 million POLY to POLYX to be deposited in the Polymesh Network Treasury. Newly minted POLYX will be created for block rewards with a maximum of 14% of the total supply minted annually. To prevent the continuous acceleration of inflation, the amount of newly minted POLYX used for rewards will be fixed at 140 million annually once the supply reaches 1 billion POLYX.