Polygon Sets September 4 for MATIC to POL Token Migration Confirms Announcement
Polygon, a leading blockchain platform, has announced that it will be migrating from MATIC to POL tokens on September 4, 2024. This move is an important step in Polygon’s 2.0 roadmap, which aims to enhance its layer 2 ecosystem and improve the utility of its native token.
The POL token was introduced through an Ethereum contract on October 25, 2023, and is designed to power Polygon’s zero-knowledge-based layer 2 chains. In the initial phase, POL will replace MATIC as the native gas and staking token for the Polygon proof-of-stake (PoS) network. However, Polygon has plans for POL to play a broader role in the future.
According to the current community consensus, POL will support expanded functionalities in the upcoming Polygon staking hub, which is scheduled for release in 2025. These functionalities include block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs). The goal is to make POL a future-proof native token that can support Polygon’s growing network of aggregated blockchains.
To ensure a smooth transition, Polygon Labs has launched the POL upgrade on its testnet. This gives the community approximately six weeks to identify and address any potential issues before the mainnet migration. This testnet phase is crucial for users, developers, and infrastructure providers to prepare for the upcoming changes.
For MATIC holders on the Polygon PoS network, the transition will be seamless. Their tokens will be automatically upgraded to POL without any required intervention. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to take specific actions to migrate their tokens. This may involve bridging their tokens, updating smart contracts, or using a migration contract for a manual upgrade.
Polygon Labs has provided detailed instructions for users to update their wallet settings to ensure an accurate view of their on-chain assets during the MATIC-POL upgrade. It is important for users to update their RPC settings in wallets like MetaMask, Rabby, and Zerion to avoid any confusion between MATIC and POL tokens.
This migration is part of Polygon’s larger strategy outlined in its “Polygon 2.0” roadmap, which was announced in 2023. The aim is to make POL the main token for all Polygon networks, enhancing the ecosystem’s overall functionality and interoperability.
In addition to the token migration, Polygon Labs is also working on other initiatives to expand its ecosystem. The company recently announced a collaboration with the TON Application Chain (TAC) to bring Ethereum Virtual Machine (EVM) functionality to the TON ecosystem. This integration will enable EVM-compatible decentralized applications (DApps) on TAC, further increasing Polygon’s reach and utility.
