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Polygon Migrates from MATIC to POL in September!
8h10 ▪ 3 min read ▪ by Eddy S.
Polygon, the Ethereum scaling platform, recently announced a major upgrade scheduled for September 4, 2024. This upgrade will see the migration of MATIC tokens to a new cryptocurrency called POL, marking a key step in the “Polygon 2.0” roadmap.
Cryptocurrencies: Get ready for the transition from MATIC to POL!
The migration from MATIC to POL is part of a larger strategy to transform Polygon into a “network of networks”. POL will become the native token for gas and cryptocurrency staking on Polygon’s main blockchain (Polygon PoS), as well as for chain validation in the aggregated Polygon ecosystem. This change aims to improve the efficiency and productivity of the network by allowing POL to provide valuable services to any chain in the Polygon network, including AggLayer.
For MATIC holders on Polygon’s PoS chain, the migration will be automatic and will not require any action on their part. Their MATIC tokens will simply be converted to POL. However, those using MATIC on Polygon’s zkEVM rollup, centralized cryptocurrency exchanges, or the Ethereum blockchain will need to follow the specific steps detailed by Polygon to complete the migration.
The advantages of POL
Prior to the main migration, Polygon conducted a test migration on July 17, 2024, to identify and resolve any potential issues. This proactive approach aims to minimize risk and ensure a smooth transition to the new cryptocurrency token: POL.
POL presents itself as a “third generation hyperproductive token,” succeeding Bitcoin and Ethereum. In addition to serving as a gas and staking token, POL will allow holders to become validators on Polygon-based chains, thus improving the security and decentralization of the crypto network.
The migration of MATIC tokens to POL represents a significant step in the evolution of Polygon. By adopting POL, Polygon aims to strengthen its crypto ecosystem and offer more efficient and productive services to its users. MATIC holders are encouraged to prepare for this transition and follow the instructions provided by Polygon to ensure a seamless migration.
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Eddy S.
The world is evolving and adapting is the best weapon to survive in this wavy universe. Originally a cryptocurrency community manager, I am interested in everything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, there is nothing better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.