Polygon Labs Announces- MATIC to POL Token Migration Confirmed by Polygon Labs for September 4th

Polygon Labs Announces MATIC to POL Token Migration on September 4th

Polygon Labs Announces– Polygon’s proof-of-stake (PoS) network is set to transition from its original MATIC token to POL tokens starting from September 4th, as part of a scheduled upgrade.

Polygon Labs introduced the Ethereum contract for the POL token on October 25th, aligning with the Polygon 2.0 roadmap. This upgrade is designed to enhance the functionality of Polygon’s native token, aiming to support an extensive ecosystem of zero knowledge-based layer 2 chains.

The POL upgrade is expected to bolster Polygon’s network of aggregated blockchains, known as AggLayer, further empowering its capabilities within the blockchain space.

Polygon’s POL Token Set to Replace MATIC in Mainnet Upgrade on September 4

The POL upgrade first launched on the Polygon testnet on July 17, giving the community approximately six weeks to address any potential issues before the mainnet migration.

Initially, POL tokens will replace MATIC as the primary gas and staking token for Polygon’s proof-of-stake network. However, the Polygon community anticipates broader utility for POL as its future-proof native token.

According to current community consensus, POL will play a pivotal role in the forthcoming Polygon staking hub scheduled for 2025. This includes functions such as block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).

Preparing for Polygon’s Mainnet Upgrade: POL Token Transition Details

The recent upgrade of POL on the testnet allows users, developers, and infrastructure providers to prepare effectively for the upcoming mainnet upgrade. According to a recent announcement to Cointelegraph, MATIC holders on Polygon’s proof-of-stake network will automatically transition to POL without needing to take any action.

However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to manually bridge, update smart contracts, or use migration contracts on a case-by-case basis for the upgrade. The announcement also noted that if users do not update RPC settings in wallets like MetaMask, Rabby, or Zerion, these wallets may continue to display MATIC instead of POL as the token symbol for the native gas token on the Polygon PoS chain.

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