Polygon Announces MATIC to POL Token Migration for September 4

TLDR

• Polygon will migrate from MATIC to POL tokens on September 4, 2024.
• The upgrade is part of Polygon’s 2.0 roadmap to enhance its layer 2 ecosystem.
• POL will become the native gas and staking token for Polygon PoS.
• MATIC holders on Polygon PoS will be automatically upgraded to POL.
• Users on other platforms may need to manually migrate their tokens.

Polygon Labs has announced the migration from MATIC to POL tokens, scheduled for September 4, 2024.

This upgrade is a crucial step in Polygon’s 2.0 roadmap, aimed at enhancing its zero-knowledge-based layer 2 chains ecosystem and expanding the utility of its native token.

The POL token, introduced through an Ethereum contract on October 25, 2023, is designed to “power a vast ecosystem of zero knowledge-based layer 2 chains.”

In its initial phase, POL will replace MATIC as the native gas and staking token for the Polygon proof-of-stake (PoS) network. However, the Polygon community envisions a broader role for POL in the future.

According to current community consensus, POL will support expanded functionalities in the upcoming Polygon staking hub, slated for 2025.

These functions include block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs). This expansion aims to make POL a “future-proof native token” capable of supporting Polygon’s growing network of aggregated blockchains, known as the AggLayer.

To ensure a smooth transition, Polygon Labs launched the POL upgrade on its testnet on July 17, providing the community with approximately six weeks to identify and address potential issues before the mainnet migration.

This testnet phase is crucial for users, developers, and infrastructure providers to prepare for the upcoming changes.

For MATIC holders on the Polygon PoS network, the transition will be seamless.

Their tokens will be automatically upgraded to POL without any required intervention.

However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to take specific actions. Depending on their situation, they may need to bridge their tokens, update smart contracts, or use a migration contract for a manual upgrade.

Polygon Labs has provided detailed instructions for users to update their wallet settings for the most accurate view of on-chain assets during the MATIC-POL upgrade.

The company warned, “If users don’t update RPC settings in a wallet (MetaMask, Rabby, Zerion, etc.), the wallet may still display ‘MATIC’ instead of ‘POL’ as the token symbol for the native gas token for the Polygon PoS chain.”

This migration is part of a larger strategy outlined in Polygon’s “Polygon 2.0” roadmap, announced in 2023. The upgrade aims to make POL the main token for all Polygon networks, enhancing the ecosystem’s overall functionality and interoperability.

Polygon Labs is working on other initiatives to expand its ecosystem. The company recently announced a collaboration with the TON Application Chain (TAC) to bring Ethereum Virtual Machine (EVM) functionality to the TON ecosystem.

This integration aims to enable EVM-compatible decentralized applications (DApps) on TAC, further expanding Polygon’s reach and utility.

The post Polygon Announces MATIC to POL Token Migration for September 4 appeared first on Blockonomi.