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Polygon Sets September Date for Migration to POL Token from MATIC
Polygon Labs, the lead development company behind the Polygon layer-2 network, said on Wednesday that it will perform a technical upgrade that will replace its MATIC token with the new POL token starting on September 4.
Migration is part of Polygon’s plan renovation laid out last year in its “Polygon 2.0” roadmap. The change It was initially proposed in July 2023 to its community and would make POL the primary token for all Polygon networks.
The move will consist of a technical upgrade that will allow POL to be the native gas and staking token for Polygon’s main proof-of-stake chain (Polygon PoS). In later phases of the upgrade, POL will also begin securing other blockchains in Polygon’s broader “aggregate” network, including AggLayer.
“POL is a hyper-productive token that can be used to provide valuable services to any chain in the Polygon network, including AggLayer itself,” Polygon wrote in its blog post.
According to the Polygon team, MATIC holders on Polygon’s PoS chain will not have to do anything for this update and their tokens will appear in POL.
For those using MATIC on Polygon zkEVM rollupon centralized exchanges or on the Ethereum blockchain, will have to follow several steps, as detailed by Polygon in its blog post.
As part of the network migration, Polygon will test the token upgrade on July 17 in a test network environment to identify or resolve any issues before POL goes live on the mainnet.