Polygon, a leading blockchain platform, will be performing a significant mainnet upgrade on September 4, 2024, switching its native token from MATIC to a new token, POL.
Polygon Plans to Switch MATIC to POL Token on September 4
This change will occur after the proposal is approved by the community and will include updating new smart contracts.
After the upgrade, POL will initially replace MATIC as the primary token for gas fees and staking within the network.
The new POL token is expected to retain MATIC's existing tokenomics, distribution and total supply characteristics. Future phases may expand POL's functionality based on community feedback, especially within AggLayer.
The migration process will be simple for existing MATIC holders on the Polygon PoS network, and automatic conversion to POL will require no user intervention.
However, holders of Ethereum, Polygon zkEVM, or MATIC on various centralized exchanges will need to follow specific migration procedures outlined by the core developers to ensure a smooth transition to POL.
Developers and stakers who have authorized their MATIC on Ethereum will also see their tokens automatically converted to POL and will be given the option to opt out if desired.
The transition will include widespread updates across decentralized finance protocols, decentralized applications, and the infrastructure that will host the new POL token.
Polygon currently uses two scaling solutions: the Polygon PoS sidechain and the Polygon zkEVM zero-knowledge collection network.
The project plans to deploy the Polygon 2.0 architecture, which aims to create a unified liquidity framework that improves interoperability and shared state functions across multiple ZK-Rollup chains.
AggLayer will interconnect Polygon 2.0 chains and provide enhanced security by embedding ZK-based security proofs back into Ethereum.
*This is not investment advice.
