Polygon Labs has solidified its plan to migrate the Polygon network’s native token from MATIC to POL-on September 4, 2024. This decision follows community approval and signifies an upgrade within the framework of Polygon’s 2.0 vision.
SAVE THE DATE: MATIC → POL
After community consensus, the long-awaited upgrade is set for September 4th
• Initial phase: POL replaces MATIC as the native gas and staking token for Polygon PoS
• Subsequent phases: POL will serve a crucial role in the AggLayer
More details🧵 pic.twitter.com/SyxsFAlOeZ
— Polygon Foundation (@0xPolygonFdn) July 18, 2024
The migration aims to enhance the utility of the network’s token and empower its growing ecosystem of aggregated blockchains, known as the AggLayer. POL is poised to become the central token for gas fees and staking across the Polygon network.
To ensure a smooth transition, a testnet migration was conducted on July 17th. This trial run allowed developers, users, and infrastructure providers to identify and address any potential issues before the mainnet launch in September.
Holders of MATIC tokens on the Polygon PoS (Proof-of-Stake) chain can expect an automatic conversion to POL during the upgrade. However, those utilizing MATIC on other platforms like the zkEVM rollup, centralized exchanges, or the Ethereum blockchain itself will need to follow specific procedures outlined by Polygon Labs.
This development comes after Polygon Labs launched the Ethereum contract for POL in October 2023. The token’s introduction aligns with Polygon’s 2.0 roadmap, which prioritizes the expansion of its zero-knowledge-based layer 2 chains.
The upcoming migration holds promise for Polygon’s future. POL’s expanded functionalities within the AggLayer have the potential to streamline operations and bolster the network’s overall efficiency. However, users are advised to stay informed about the migration process, particularly if they hold MATIC on platforms outside the Polygon PoS chain.
Get the weekly commit
New blockchain deep dives every week.
