Polygon Labs has confirmed the migration of MATIC-POL for September 4

Following an upgrade scheduled for September 4, the Polygon proof-of-stake (PoS) network is set to transition from its initial MATIC token to the new POL (POL) tokens. This move is part of the Polygon 2.0 development plan, under which Polygon Labs introduced the Ethereum contract for the POL token on October 25. The primary goal of introducing POL is to fuel a broad ecosystem of zero-knowledge-based layer 2 chains. This upgrade to POL is designed to enhance the functionality of Polygon’s native token and support its expanding network of aggregated blockchains, also known as AggLayer.

The initial deployment of the POL upgrade was activated on the Polygon testnet on July 17, providing the community around six weeks to pinpoint and resolve any emerging issues before transitioning to the mainnet.

Initially, POL tokens are set to take over as the primary gas and staking tokens on the Polygon PoS network, replacing MATIC. Yet, the Polygon community envisions a more expansive role for what they consider a “future-proof native token.”

The prevailing sentiment within the community is that POL will play a key role in the anticipated Polygon staking hub set to launch in 2025. This role is expected to encompass responsibilities such as block production, generating zero-knowledge proofs, and involvement in Data Availability Committees (DACs).

The latest POL upgrade on the testnet is designed to enhance the readiness of users, developers, and infrastructure providers for the forthcoming upgrade on the mainnet. MATIC holders on the Polygon PoS network will be seamlessly transitioned to POL without needing to take any action.

Nonetheless, those possessing MATIC on Ethereum, Polygon zkEVM, or centralized trading platforms will be required to undertake specific actions such as utilizing a bridge, modifying smart contracts, or employing a migration contract for a manual update, depending on their individual circumstances. The announcement further stated:

Should users fail to adjust the RPC settings in their wallets (such as MetaMask, Rabby, Zerion, etc.), the wallet might continue to show ‘MATIC’ instead of ‘POL’ as the token symbol for the native gas token on the Polygon PoS chain.

Related Articles

Responses