This is when Polygon migrates from MATIC to POL tokens

After the neighborhood approves the proposal, Polygon will conduct a mainnet improve on September 4, 2024.

The improve marks the transition from the native MATIC token to a brand new token codenamed POL and introduces new sensible contracts.

Migration course of

Polygon Labs mentioned in a weblog submit on July 18: “After PIP-42, a consensus was reached that Polygon PoS validators should stake POL (an upgraded model of MATIC) to obtain protocol rewards and transaction charges in POL. “

Storage date: MATIC → POL

After neighborhood consensus, the long-awaited improve is scheduled for September 4th

• Preliminary part: POL replaces MATIC because the native Fuel and staking token of Polygon PoS

• Subsequent phases: POL will play a key function in AggLayer

Extra particulars 🧵 pic.twitter.com/SyxsFAlOeZ

— Polygon Basis (@0xPolygonFdn) July 18, 2024

Because of this beginning September 4th, POL will exchange MATIC because the native Fuel and staking token of the Polygon Proof-of-Stake (PoS) chain. This transition is a milestone on Polygon’s roadmap and aligns with its broader imaginative and prescient Overview Within the “Polygon 2.0” challenge launched final yr.

This migration will contain a number of DeFi protocols, dApps, and infrastructure updates to assist the brand new POL token. Polygon at present makes use of two scaling options: PoS sidechains and the Polygon zkEVM zero-knowledge abstract community.

The upcoming Polygon 2.0 structure is designed to reinforce the safety and effectivity of the community as an aggregated blockchain, unify liquidity, and enhance interoperability throughout a number of ZK-Rollup chains. AggLayer is predicted to help in connecting Polygon 2.0 chains and redeploying ZK-based safety proofs onto Ethereum to instantly safe them.

Polygon Labs Workforce point out“POL is a extremely productive token that can be utilized to supply useful companies to any chain within the Polygon community (together with AggLayer itself).”

They added that in the long run, neighborhood consensus means that POL will play a broader function within the Polygon Staking Heart, which is able to launch in 2025. .

What this implies for MATIC holders

For MATIC holders on the Polygon PoS chain, the transition to POL shall be seamless. Tokens shall be routinely transformed to POL with none motion from the person. This straightforward improve ensures customers can proceed to make use of the community with out interruption.

Nonetheless, MATIC holders on Ethereum, Polygon zkEVM or centralized exchanges (CEX) could have to take some motion. Customers can select to improve MATIC to POL by means of the deployed migration contract on Ethereum, permitting for permission-free upgrades at their comfort.

The primary is POL improve Deployed The testnet shall be launched on July 17, 2024 to make sure a easy transition. This “rehearsal” is vital for figuring out and resolving potential points, permitting customers and builders to grow to be conversant in the brand new system earlier than the mainnet migration.