Polygon Labs, the developer company behind the Ethereum scaling solution Polygon, announced that it will be upgrading its original MATIC token to the new POL token starting on September 4, following community approval. This technical upgrade is part of Polygon’s 2.0 roadmap, which aims to enhance its zero-knowledge-based layer 2 chains ecosystem and increase the utility and functionality of its native token.
The MATIC to POL migration process has been highly anticipated by the community, and Polygon has now set the date for this migration on September 4. Post-upgrade, the POL token will replace MATIC as the primary token for gas fees and staking within Polygon’s main chain, the Polygon PoS chain. Eventually, POL will also play a role in securing other blockchains in Polygon’s wider “aggregated” network, including the AggLayer.
Current MATIC holders on the Polygon PoS chain will not need to take any action, as their tokens will be automatically upgraded to POL after the migration. However, users holding MATIC on Ethereum, the zkEVM rollup, and centralized exchanges will need to bridge, update smart contracts, or use a migration contract for a smooth transition to POL. Developers and stakers who have delegated their MATIC on Ethereum will see their tokens automatically switch to POL, with the option to opt-out if they choose.
Polygon started a testnet migration on July 17 to identify and resolve any potential issues before the mainnet migration on September 4. The token migration is a crucial part of Polygon’s planned revamp, as outlined in its Polygon 2.0 roadmap. The upgrade is designed to expand the utility of the network’s native token, with POL expected to play a broader role in the upcoming Polygon staking hub, which includes block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
In addition to the token migration, Polygon Labs is collaborating with the TON Applications Chain (TAC) to bring Ethereum Virtual Machine (EVM) functionality to the Telegram-linked TON blockchain. This partnership will further enhance Polygon’s capabilities and expand its reach within the blockchain ecosystem. The migration to the new POL token signifies a significant step forward for Polygon and reinforces its commitment to continued innovation and growth within the blockchain industry.
