Polygon Labs recently announced that they will begin the migration process to switch out their MATIC token for the new POL token on September 4th. This change is a part of Polygon’s larger plan known as “Polygon 2.0” that was outlined last year. The community was first informed about this switch in July 2023, with the goal of making POL the primary token for all Polygon networks.
The migration will involve a technical upgrade that will allow POL to serve as the native gas and staking token for Polygon’s main proof-of-stake chain, Polygon PoS. In the future, POL will also play a role in securing other blockchains within Polygon’s broader “aggregated” network, such as the AggLayer.
Polygon describes POL as a highly productive token that can offer valuable services to any chain within the Polygon network, including the AggLayer itself. The team has reassured MATIC holders on the Polygon PoS chain that they will not need to take any action for this upgrade, as their tokens will automatically convert to POL.
However, for those using MATIC on Polygon’s zkEVM rollup, centralized exchanges, or on the Ethereum blockchain, they will need to follow specific steps outlined by Polygon in their blog post. To ensure a smooth transition, Polygon conducted a test of the token upgrade on July 17 in a test network environment. This was done to address any potential issues before POL goes live on the mainnet.
This migration marks an important step in the evolution of the Polygon network, as it moves towards a more efficient and streamlined ecosystem. With POL at the center of its operations, Polygon aims to enhance security, scalability, and overall user experience for its community members. As the network continues to grow and expand, the adoption of POL is expected to bring new opportunities and benefits to users across the Polygon ecosystem.
Overall, the transition to POL signifies a significant milestone for Polygon and its community. By embracing this technological upgrade, Polygon is positioning itself as a leading player in the world of blockchain technology, paving the way for a more interconnected and robust network for the future.