In summary
- This Wednesday, Polygon Labs made important advances that pave the way for the future of its network.
- On September 4, the Ethereum scaling network will complete a migration of its old MATIC token to POL, which will become the native token of its network.
- The migration to POL will remove MATIC as Polygon’s native token, making POL the gas and staking token for Polygon’s main proof-of-stake chain.
This Wednesday, Polygon Labs made important advances that pave the way for the future of its network.
On September 4, the Ethereum scaling network will complete a migration of its old MATIC token to POL, which will then become the native token of its network. The migration is an integral part of the Polygon 2.0 roadmap.
Before the switch, let’s take a look at what to expect from the migration and what you need to do if you are a MATIC holder.
What is the migration from “MATIC” to “POL”?
The migration to POL will remove MATIC as Polygon’s native token. POL will thus become the native gas and staking token for Polygon’s main proof-of-stake chain, they stated in a July blog post.
Because Polygon is moving to POL?
The migration to POL lays the foundation for Polygon 2.0, an ambitious roadmap that will guide Polygon’s transformation to a zero-knowledge Ethereum Virtual Machine (zkEVM) system. This new ecosystem will include its own network of interoperable blockchains, each optimized for specific applications.
According to Polygon, POL will bring additional utility to the network. As with MATIC, Polygon Blockchain validators who participate in staking can earn rewards by re-staking their POL to secure other chains on the Polygon supernet.
In future upgrades, POL will be used to secure other blockchains within the broader Polygon “aggregate” network, also known as the “AggLayer,” which is a core component of Polygon 2.0.
The AggLayer will aggregate zero-knowledge proofs of all connected chains and ensure the security of near-instant cross-chain atomic transactions, Polygon explained in a blog post in January.
Is there anything users need to do before migrating to POL?
MATIC holders on Polygon’s proof-of-stake chain do not need to do anything prior to migrating to POL, according to Polygon. Their tokens will be automatically converted to POL.
Meanwhile, MATIC holders on the Ethereum network can migrate their tokens to POL via the Polygon Portal Interface.
MATIC holders on Polygon’s layer-2 zkEVM network or centralized exchanges may also need to take some action to upgrade MATIC to POL, such as moving it to Ethereum. A deployed migration contract is available to help holders switch from MATIC to POL on Ethereum. However, Polygon cautions that this process is for advanced users.
Finally, MATIC holders who have their tokens stored as ERC-20 tokens in hardware wallets like Ledger may need to manually convert their tokens to POL using their wallet, although Polygon has not yet detailed how this process will work.
What is the deadline to convert MATIC to POL?
Currently, there is no deadline for MATIC holders on Ethereum and Polygon zkEVM to convert MATIC to POL, according to Polygon’s blog post.
However, the Polygon community could be given the authority to set a deadline in the future, Polygon said in its post.
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