Polygon to Transition MATIC to POL on September 4th, Expands Token Use
- Polygon’s MATIC to POL upgrade is set for September 4th, with POL replacing MATIC as the native gas and staking token on the Polygon PoS network.
- MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to use a migration contract to upgrade their tokens to POL.
After reaching community consensus, Ethereum Layer-2 (L2) scaling solution, Polygon today announced that 4th September is the expected mainnet date for the MATIC to POL upgrade.
In the first phase, POL will take over from MATIC as the main gas and staking token for the Polygon PoS network. Later, POL will play an important role in the aggregation layer (AggLayer).
Furthermore, according to the company, POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself.
“POL is an exciting and highly anticipated upgrade, mainly because it further expands the utility of Polygon’s native token to reflect and power the vision of Polygon as an ever-growing network of aggregated blockchains,” states Polygon.
For holders of MATIC, the company states that the implications vary depending on where their tokens are held.
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Those with MATIC on Polygon PoS will see their tokens automatically upgraded to POL, which will become the new gas and staking token without any action required. However, holders of MATIC on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes) may need to take some steps if they wish to upgrade to POL.
“When MATIC holders are ready to upgrade, a migration contract that is already deployed will enable holders to upgrade MATIC to POL on Ethereum permissionlessly,” reads the official company announcement.
Visit Polygon’s official announcement blog for detailed migration information.
Edited by Harshajit Sarmah
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