Ethereum Layer-2 Polygon Labs To Replace MATIC With POL Token In September Upgrade
By Benzinga
Polygon Labs (CRYPTO: MATIC), the key developer behind the Polygon Layer-2 network, has announced a significant technical upgrade scheduled for September 4, which will replace its current MATIC token with the new POL token.
What Happened: This transition is part of the broader “Polygon 2.0” roadmap unveiled last year.
Originally proposed to the community in July 2023, the overhaul aims to establish POL as the primary token across all Polygon networks.
The initial phase of this upgrade will involve the technical modification necessary for POL to become the native gas and staking token for Polygon’s primary proof-of-stake chain (Polygon PoS), Coindesk reported.
Following this, POL will progressively begin securing additional blockchains within Polygon’s expansive “aggregated” network, including the AggLayer.
“POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself,” Polygon stated in a blog post.
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Polygon reassured MATIC holders on the Polygon PoS chain that no action is required on their part for this upgrade; their tokens will automatically convert to POL.
However, users holding MATIC on Polygon’s zkEVM rollup, centralized exchanges or the Ethereum (CRYPTO: ETH) blockchain will need to follow specific procedures detailed in the blog post.
To ensure a smooth transition, Polygon tested the token upgrade in a test network environment on July 17, identifying and resolving any potential issues before POL goes live on the mainnet.
This major upgrade coincides with the upcoming Benzinga’s Future of Digital Assets conference on Nov. 19, where industry leaders, policymaker, and innovators will discuss the future of digital assets and blockchain technology.
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