- MATIC tokens on Polygon PoS will automatically convert to POL on September 4.
- POL will serve as the primary token for gas fees and staking on Polygon PoS.
Polygon has announced that the much-anticipated transition from MATIC to POL is set to take place on September 4, 2024. This huge development makes POL the new native gas and staking token for the Polygon Proof-of-Stake (PoS) network, expanding its role in Polygon’s vast ecosystem.
MATIC to POL Major Modifications
The POL upgrade is a community-driven initiative designed to increase the utility of Polygon’s native token. Starting September 4, POL will replace MATIC as the native gas token for Polygon PoS transactions. Holders of MATIC on the Polygon PoS chain do not need to take any action, the process of upgrading will occur automatically.`
MATIC holders on Ethereum and zkEVM must take action. To convert to POL, they will need to employ a migration contract or a decentralized exchange aggregator such as 1inch or Kyber. Centralized exchanges are expected to handle upgrades for their users automatically.
Polygon enhanced network performance and advanced the AggLayer project. This proposal includes creating a scalable multichain network that shares liquidity and state. POL will improve this in two ways: by creating new validator positions and a Community Treasury to encourage further growth.
The upgrade’s success is dependent on comprehensive testing and community engagement. The testnet shift, which began on July 17, aims to ensure a smooth transition with minimal delays. Developers and stakeholders should assess their systems and plan for the changes to guarantee a seamless update.
As Polygon evolves into a network of aggregated blockchains, the addition of POL promises to improve network security, scalability, and community governance. Stay tuned to Polygon’s channels for more information.
The upgrading impacts the polygon greenish trend, and at the time of writing, MATIC is trading at $0.448, up 6.58% from the previous 24 hours.
Source : CMC
