TL;DR
- On September 4th, Polygon will officially initiate the migration of its native token MATIC to POL, solidifying POL as the primary gas and staking token.
- Holders of MATIC on Ethereum, Polygon’s zkEVM, and centralized exchanges will need to follow specific procedures to complete the migration.
- A testing phase has been underway on the testnet since July 17th to ensure a smooth transition to POL.
Polygon has officially announced the date for the migration of its native token MATIC to POL, a key step in its evolution towards version 2.0. Scheduled for September 4th, this update will consolidate POL as the main gas and staking token across all of the platform’s networks, including its primary proof-of-stake (PoS) chain.
Since the initial proposal in July 2023, the migration to POL has been positioned as a strategic advancement to enhance the token’s utility within the Polygon ecosystem. POL will not only serve as the necessary fuel for transactions on the network but also as the token used to secure the integrity and functionality of blocks on the PoS chain.
SAVE THE DATE: MATIC → POL
After community consensus, the long-awaited upgrade is set for September 4th
• Initial phase: POL replaces MATIC as the native gas and staking token for Polygon PoS
• Subsequent phases: POL will serve a crucial role in the AggLayer
More details🧵 pic.twitter.com/SyxsFAlOeZ
— Polygon Foundation (@0xPolygonFdn) July 18, 2024
MATIC holders on the PoS will experience an automatic conversion to POL on the migration day, requiring no additional actions on their part. However, those holding MATIC on platforms like Ethereum, Polygon’s zkEVM, and centralized exchanges will need to follow specific procedures to complete the migration to POL. Detailed instructions on how to proceed with the migration are available in the platform’s official communications.
Polygon Aims for Seamless Migration
The platform has implemented a testing phase on its testnet since July 17th to ensure a smooth and seamless transition during the mainnet launch. The testing environment allows developers and users to identify any potential issues and ensure that the migration takes place effectively on September 4th.
Furthermore, there are future plans to expand the utility of POL within the “AggLayer,” a layer designed to facilitate interoperability and optimal performance across multiple blockchains within its ecosystem.
The migration to POL is pivotal for Polygon to solidify itself as an aggregated blockchain network, driven by the community and focused on providing a robust infrastructure for decentralized applications and digital finance. With this update, Polygon will strengthen its leadership position in the DeFi industry and promote its long-term growth.
