Polygon set to replace MATIC with innovative POL token this September Polygon set to replace MATIC with innovative POL token this September
POL token is designed to play a major role within the Polygon ecosystem.
2 min read
Updated: Jul. 18, 2024 at 12:09 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum layer-2 network Polygon said it would upgrade its native MATIC token to the POL token on Sept. 4, according to a July 18 statement shared with CryptoSlate.
In the first phase of this upgrade, POL will replace MATIC as the native gas and staking token for the Polygon proof-of-stake chain.
The Polygon team assured users that MATIC holders on the Polygon PoS chain do not need to take any action regarding this upgrade, as their tokens will automatically convert to POL. MATIC tokens on this chain account for 14% of its supply.
Additionally, MATIC tokens in staking contracts on Ethereum, representing 37% of its supply, will convert to POL automatically.
Meanwhile, Polygon’s blog post provided detailed steps for those using MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain.
There are no immediate deadlines for MATIC holders on Ethereum and Polygon zkEVM to upgrade to POL. However, the community will have the authority to set a deadline in the future.
Tom Wan, a research strategist at 21.co, said these processes would increase the progress of the token migration to more than 50%. Dune analytics data pegs the token migration progress at 0.1% as of press time.
The POL upgrade testnet launched on July 17. This testnet allows users and developers to familiarize themselves with the upgrade ahead of the mainnet migration.
POL utility
Polygon described POL as a hyperproductive token that can provide valuable services to any chain within the Polygon network, including the AggLayer itself.
The community expects POL to play a role in the Polygon staking hub, set for release in 2025. This includes block generation, zero-knowledge proof generation, and Data Availability Committees (DACs) participation.
Polygon Foundation stated:
“POL aims to provide security for Polygon as an aggregated blockchain network, unifying liquidity and shared state across multiple chains. This evolution supports the Polygon vision as a leading aggregated blockchain network.”
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