Polygon Labs to Migrate MATIC Token to POL as Part of ‘Polygon 2.0’ Roadmap
Polygon Labs, the leading development company behind the layer 2 network Polygon, announced on Wednesday that they will be conducting a technical update to exchange their MATIC token for the new POL token starting from September 4th.
This migration is part of Polygon’s planned overhaul, outlined last year in the ‘Polygon 2.0’ roadmap.
The initial proposal for this transition was made to the Polygon community back in July 2023. The goal is to make POL the primary token for all Polygon networks. The change will involve a technical update that will allow POL to become the native token for gas and staking on the Polygon PoS main proof-of-stake chain.
In the upcoming stages of the upgrade, POL will also begin securing other blockchains in Polygon’s broader ‘AggLayer’ network.
Polygon describes the POL token as highly productive and capable of providing valuable services to any chain within the Polygon network, including the AggLayer. This new dynamic aims to strengthen the efficiency and security of the Polygon ecosystem.
For holders of MATIC on the Polygon PoS chain, no action is required for this update; their tokens will automatically appear as POL.
However, those using MATIC on the Polygon zkEVM rollup, centralized exchanges, or the Ethereum blockchain will need to follow various specific steps detailed by Polygon in their blog post.
As part of the migration, Polygon tested token upgrades on July 17th in a test environment to identify and address any issues before POL goes live on the mainnet. This testing phase is crucial to ensuring a smooth transition and minimizing disruptions for users.
The migration from MATIC to POL represents a significant milestone in Polygon’s evolution, aiming to enhance the productivity and security of the network. By integrating POL as the primary token, Polygon is positioning itself to offer more robust and diverse services to its users and developers, further strengthening its position in the cryptocurrency ecosystem.
