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- Polygon Labs will upgrade its MATIC token to the new POL token starting September 4.
- The upgrade will enhance the zero-knowledge-based layer 2 chains and boost the utility of the native token.
Polygon Labs is set to change the original MATIC token to the new POL token on September 4. This follows community approval and is part of Polygon’s 2.0 roadmap that focuses on expanding its zero-knowledge-based layer 2 chains ecosystem and increasing the utility of MATIC, the platform’s native token.
One recurring ask from the community was to have a definitive date on MATIC –> POL migration.
There it is now!
September 4th https://t.co/FqNmIeNosP— Sandeep | AggLayer 👿 (@sandeepnailwal) July 18, 2024
This upgrade will switch from using MATIC to POL as the primary token for gas fees and staking on the main chain of Polygon, the Polygon PoS chain, in the first instance. The subsequent phases will include POL in securing other chains in the Polygon ecosystem, including the AggLayer.
The idea is to make POL a hyperproductive token that can provide important services to any chain in the Polygon network, including the AggLayer itself. Polygon’s blog post on July 18 focused on the features of POL, with the upgrade seen as essential for the ecosystem.
For the current MATIC holders on the Polygon PoS chain, the migration to POL will be seamless and won’t demand any action from their side. Nevertheless, the existing MATIC token holders on Ethereum, Polygon’s zkEVM rollup, and centralized exchanges will require a bridge, updated smart contracts, or migration contracts to seamlessly transition to POL.
Users who have not changed the RPC settings in their wallets will continue to see “MATIC” instead of “POL” as the token symbol for the native gas token of the Polygon PoS chain. The MATIC holders and stakers with delegated MATIC on Ethereum will receive POL tokens automatically with an option to exit the process if desired.
Token Upgrade Aligns with Polygon’s 2.0 Roadmap
Polygon also conducted a testnet migration on July 17 that would help the network identify potential problems before the mainnet migration that occurred on September 4. This step is crucial in avoiding disruption of the network and, at the same time, preserving the integrity of the network during the upgrade.
The token migration is a key element of the polygon’s strategic plan, which was presented in its Polygon 2. 0 roadmap unveiled last year. This upgrade is intended to enhance the use of the network’s native token, as the team envisions POL to have more functions in the upcoming Polygon staking hub. This hub will include block creation, zero-knowledge proof creation, and engagement in Data Availability Committees (DACs).
Additionally, Polygon Labs has collaborated with the TON Applications Chain (TAC) to integrate Ethereum Virtual Machine (EVM) functionality with the Telegram-linked TON, further expanding the network’s capabilities and reach.
As highlighted in our previous article, the Polygon blockchain has launched Plonky3 as the new zero-knowledge (zk) modular toolkit for the Decentralized Finance (DeFi) space. Polygon Labs announced that Plonky3 is now ready for production use and is released under MIT/Apache license.
Below is the current price of MATIC:
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