Polygon Labs, the driving force behind the layer-2 network Polygon, announced a significant change. The Polygon token migration from MATIC to POL was set to begin on July 2023. This shift is part of the broader “Polygon 2.0” roadmap, unveiled last year.
What is Polygon 2.0?
In July 2023, Polygon’s community was introduced to the Polygon 2.0 roadmap. The core objective is to establish POL as the primary token across all Polygon networks. This upgrade involves several technical changes designed to enhance the network’s efficiency and security.
Key Changes in the Migration
Starting September 4, the migration will see the current MATIC token replaced by the new POL token. This upgrade will transform POL into the native gas and staking token for Polygon’s main proof-of-stake chain (Polygon PoS). Following this, POL will also secure other blockchains within Polygon’s extensive network, including the AggLayer.
Benefits of the POL Token
Polygon describes POL as a hyperproductive token capable of delivering valuable services across any chain within the Polygon network. This includes the AggLayer. MATIC holders on the Polygon PoS chain will automatically see their tokens converted to POL without needing to take any action.
Steps for Different Users
For users of MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain, specific steps are required to transition to POL. Polygon Labs has provided detailed instructions in their blog post to assist these users.
Testing and Implementation
To ensure a smooth transition, Polygon conducted a test of the token upgrade on July 17 in a controlled test network environment. This step was crucial for identifying and resolving any potential issues before the POL token goes live on the mainnet.
Conclusion
The Polygon token migration marks a significant milestone in the network’s evolution. With POL set to replace MATIC, Polygon aims to enhance the functionality and security of its ecosystem. Stay tuned for more updates as this migration unfolds.
