Polygon plans to migrate MATIC to POL token on Sept. 4
Quick Take Polygon’s mainnet upgrade is scheduled for Sept. 4, 2024, transitioning its native token from MATIC to POL following community approval. A testnet migration launched on July 17 aimed to identify and resolve potential issues before the mainnet upgrade. After the upgrade, POL will replace MATIC as the primary token for gas fees and staking.
Polygon is set to undergo a mainnet upgrade on Sept. 4, 2024, transitioning from its native token, MATIC -1.22% , to a new token with the ticker POL and fresh smart contracts, following community approval of the proposal.
Post-upgrade, POL will replace MATIC to be the primary token for gas fees and staking within the network during the initial phase. POL is expected to maintain MATIC's existing tokenomics, distribution and total supply.
Subsequent phases may see an expansion of POL’s functionalities, particularly within the AggLayer , depending on community input.
This follows a testnet migration was released on July 17, which aimed to identify and address potential issues prior to the mainnet transition.
The POL token migration process
For current MATIC holders on the Polygon PoS network, the transition to POL will occur automatically, requiring no user intervention. However, those with MATIC on Ethereum, the Polygon zkEVM , or various centralized exchanges will need to follow specific migration procedures outlined by the core developers to ensure a smooth transition to POL, the project said.
Additionally, developers and stakers who have delegated their MATIC on Ethereum will have their tokens automatically converted to POL, with the option to opt-out if they choose.
As part of the migration, there will be widespread updates across decentralized finance protocols, decentralized applications, and infrastructure to accommodate the new POL token.
Polygon currently employs two scaling solutions: a sidechain named Polygon PoS and a zero-knowledge rollup network known as Polygon zkEVM.
The project plans to soon deploy the Polygon 2.0 architecture, aiming to create a unified liquidity framework that enhances interoperability and shared state functionalities across multiple ZK-Rollup chains.
In this setup, AggLayer is expected to help link the Polygon 2.0 chains and settle ZK-based security proofs back on Ethereum to secure them at once.
Polygon recently introduced what’s called as “zkPoS Phase 1,” a proposal designed to link Polygon PoS with the AggLayer. This is part of a strategy to transition Polygon PoS into a zkEVM Validium.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
FET Investors Feel Bullish About Mpeppe’s (MPEPE) Future
![](https://img.bitgetimg.com/multiLang/image/social/912af996189116fd4a70e577362a4e0a1725032367736.jpg?fit=1200%2C780)
PEPU, PLAY & MPEPE: You Wont Look Back Once You Add These To Your Holdings
![](https://img.bitgetimg.com/multiLang/image/social/202e82f6b575974651efbd2b97e86a601725047873769.jpg?fit=1200%2C780)
Playdoge Can Not Compete With The High Returns Mpeppe Will Provide
![](https://img.bitgetimg.com/multiLang/image/social/202e82f6b575974651efbd2b97e86a601725047873769.jpg?fit=1200%2C780)
Are we moving to decentralization? Animoca’s Yat Siu thinks so