TLDR
Polygon
Labs
has
announced
the
migration
from
MATIC
to
POL
tokens,
scheduled
for
September
4,
2024.
This
upgrade
is
a
crucial
step
in
Polygon’s
2.0
roadmap,
aimed
at
enhancing
its
zero-knowledge-based
layer
2
chains
ecosystem
and
expanding
the
utility
of
its
native
token.
The
POL
token,
introduced
through
an
Ethereum
contract
on
October
25,
2023,
is
designed
to
“power
a
vast
ecosystem
of
zero
knowledge-based
layer
2
chains.”
In
its
initial
phase,
POL
will
replace
MATIC
as
the
native
gas
and
staking
token
for
the
Polygon
proof-of-stake
(PoS)
network.
However,
the
Polygon
community
envisions
a
broader
role
for
POL
in
the
future.
According
to
current
community
consensus,
POL
will
support
expanded
functionalities
in
the
upcoming
Polygon
staking
hub,
slated
for
2025.
These
functions
include
block
generation,
zero-knowledge
proof
generation,
and
participation
in
Data
Availability
Committees
(DACs).
This
expansion
aims
to
make
POL
a
“future-proof
native
token”
capable
of
supporting
Polygon’s
growing
network
of
aggregated
blockchains,
known
as
the
AggLayer.
To
ensure
a
smooth
transition,
Polygon
Labs
launched
the
POL
upgrade
on
its
testnet
on
July
17,
providing
the
community
with
approximately
six
weeks
to
identify
and
address
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.
Depending
on
their
situation,
they
may
need
to
bridge
their
tokens,
update
smart
contracts,
or
use
a
migration
contract
for
a
manual
upgrade.
Polygon
Labs
has
provided
detailed
instructions
for
users
to
update
their
wallet
settings
for
the
most
accurate
view
of
on-chain
assets
during
the
MATIC-POL
upgrade.
The
company
warned,
“If
users
don’t
update
RPC
settings
in
a
wallet
(MetaMask,
Rabby,
Zerion,
etc.),
the
wallet
may
still
display
‘MATIC’
instead
of
‘POL’
as
the
token
symbol
for
the
native
gas
token
for
the
Polygon
PoS
chain.”
This
migration
is
part
of
a
larger
strategy
outlined
in
Polygon’s
“Polygon
2.0”
roadmap,
announced
in
2023.
The
upgrade
aims
to
make
POL
the
main
token
for
all
Polygon
networks,
enhancing
the
ecosystem’s
overall
functionality
and
interoperability.
Polygon
Labs
is
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
aims
to
enable
EVM-compatible
decentralized
applications
(DApps)
on
TAC,
further
expanding
Polygon’s
reach
and
utility.
Go to Source
Author: Oliver Dale
