Polygon Prepares for Major Upgrade: MATIC to POL
Polygon, a popular scaling solution for Ethereum, is set to undergo a significant mainnet upgrade on September 4, 2024. This upgrade will see the native token, **MATIC**, replaced with a new token called **POL**.
What to Expect from the POL Upgrade?
This transition follows community approval and aims to enhance the network’s functionalities. Here’s a breakdown of the key changes:
* **POL replaces MATIC as the native gas and staking token for Polygon PoS.**
* **The initial phase will see POL retain MATIC’s current tokenomics, ensuring a smooth transition for users and developers.**
* **Future phases will explore expanded functionalities for POL, especially within the AggLayer.**
- The AggLayer will act as a central hub for Polygon 2.0, connecting multiple ZK-Rollup chains and settling security proofs back on Ethereum.
- Polygon is also proposing a “zkPoS Phase 1” to connect Polygon PoS with the AggLayer, potentially transitioning Polygon PoS into a zkEVM Validium.
MATIC Holders: What You Need to Know
For MATIC holders on the Polygon PoS network, the transition to POL will be automatic and requires no action. However, users with MATIC on Ethereum, the Polygon zkEVM, or various centralized exchanges must follow specific migration procedures, outlined by the core developers.
- Developers and stakers who have delegated their MATIC on Ethereum will see their tokens automatically converted to POL, with the option to opt-out.
- The migration will also involve widespread updates across decentralized finance protocols, decentralized applications, and infrastructure to support the new POL token.
The upcoming mainnet upgrade marks a key milestone for Polygon. This transition is designed to enhance network efficiency and functionality. With community support and careful planning, Polygon is poised to continue its evolution and expand its capabilities in the blockchain space.
**For more information, visit the official Polygon website: [link to Polygon website]**
