On July 18, Ethereum’s layer 2 blockchain, Polygon, revealed the date for the transition from its native token, MATIC, to the new POL token. The team behind this network has stated that the POL token is designed to enhance security within Polygon, which functions as an aggregated blockchain network, streamlining liquidity and shared state across various chains.
Polygon has confirmed that the swap from MATIC to POL will occur on September 4th. “Following community consensus, this long-anticipated upgrade is set for September 4th. In the initial phase, POL will take over as the native gas and staking token for Polygon PoS. In later phases, POL will play a pivotal role in the AggLayer,” they emphasized.
**IMPORTANT DATE: MATIC → POL**
After reaching community consensus, the highly awaited upgrade is scheduled for September 4th:
– Initial phase: POL will replace MATIC as the native gas and staking token for Polygon PoS.
– Subsequent phases: POL will be integral to the AggLayer.
More details
pic.twitter.com/SyxsFAlOeZ
— Polygon Foundation (@0xPolygonFdn)
July 18, 2024
As explained by Polygon, the POL token was launched on the testnet on July 17th to serve as a trial run, allowing the team to identify and rectify any potential issues before the mainnet migration. “This gives users and developers the opportunity to get acquainted with the upgrade prior to the mainnet transition.”
In related news, developers have clarified that MATIC holders on Polygon PoS will not need to take any action. However, those holding MATIC on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes) may need to perform certain steps if they wish to upgrade their MATIC to POL.
It’s important to note that on October 25, 2023, Polygon announced that the new POL token had officially launched on the Ethereum (ETH) mainnet. The team described POL as a next-generation token capable of supporting a broad ecosystem of ZK-based layer 2 chains.
**Disclaimer:**
The opinions expressed by the author or others mentioned in this article are solely for informational purposes and do not constitute financial or investment advice. Trading or investing in cryptocurrencies carries inherent risks of financial loss.
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