Polygon Labs Upgrade from MATIC to POL Token

Polygon Labs to Upgrade MATIC Token to POL Token

Polygon Labs, the leading developer firm behind the layer-2 network Polygon, announced plans on Wednesday to initiate a technical upgrade that will replace its MATIC token with the new POL token starting on September 4th. This migration is a crucial step in Polygon’s extensive roadmap, known as “Polygon 2.0,” which was introduced last year.

Transition Details

The proposed transition to the POL token was first presented to the community in July 2023 and is structured to establish POL as the primary token for all Polygon networks. The upgrade involves technical modifications that will designate POL as the native gas and staking token for Polygon’s main proof-of-stake chain, Polygon PoS. In subsequent phases of the upgrade, POL will also play a key role in securing other blockchains within Polygon’s broader “aggregated” network, including the AggLayer.

Benefits of POL Token

Polygon described POL as a highly efficient token capable of delivering valuable services to any chain within the Polygon network, including the AggLayer itself. This transition aims to enhance the functionality and utility of the network.

Migration Process

Current MATIC holders on the Polygon PoS chain will seamlessly transition to POL without the need for any action on their part, as their tokens will automatically convert to POL. However, users who hold MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain will need to follow specific steps outlined by Polygon in their blog post.

Testing Phase

Polygon conducted a test of the token upgrade on July 17 in a controlled network environment to address any potential issues before the official launch of POL on the mainnet. This meticulous testing process ensures a smooth transition for all users.

Read more: Polygon Takes Wraps Off Version 2.0