Polygon (MATIC) Token Migration to POL Set for September 4

Polygon Labs is set to change the original MATIC token to the new POL token on September 4. This follows community approval and is part of Polygon’s 2.0 roadmap

Polygon (MATIC) price today, July 18: MATIC price dips over 3% today, currently trading at $0.94. The token price has surged over 10% in the last 30 days and is down over 80% from its all-time high.

The MATIC token will be used for gas fees and staking on the main chain of Polygon, the Polygon PoS chain, in the first instance. In subsequent phases, POL will be used to secure other chains in the Polygon ecosystem, including the AggLayer.

The idea is to make POL a hyperproductive token that can provide important services to any chain in the Polygon network, including the AggLayer itself.

Polygon’s blog post on July 18 highlighted the features of POL, with the upgrade being considered essential for the ecosystem.

For current MATIC holders on the Polygon PoS chain, the migration to POL will be seamless and will not require any action on their part.

However, existing MATIC token holders on Ethereum, Polygon’s zkEVM rollup, and centralized exchanges will need a bridge, updated smart contracts, or migration contracts to seamlessly transition to POL.

Users who have not changed the RPC settings in their wallets will continue to see “MATIC” instead of “POL” as the token symbol for the native gas token of the Polygon PoS chain.

MATIC holders and stakers with delegated MATIC on Ethereum will automatically receive POL tokens, with an option to opt out of the process if desired.

The token upgrade aligns with Polygon’s 2.0 roadmap

Interestingly, Polygon also conducted a testnet migration on July 17, which will help the network identify potential issues before the mainnet migration, which will take place on September 4.

This step is crucial in preventing disruption of the network and, at the same time, preserving the integrity of the network during the upgrade.

The token migration forms a key part of Polygon’s strategic plan, which was outlined in its Polygon 2.0 roadmap unveiled last year. This upgrade is set to enhance the use of the network’s native token, as the team envisions more functions for POL in the upcoming Polygon staking hub.

This hub will include activities such as block creation, zero-knowledge proof creation, and participation in Data Availability Committees (DACs).

Moreover, Polygon Labs has also joined hands with the TON Applications Chain (TAC) to integrate Ethereum Virtual Machine (EVM) functionality with the Telegram-linked TON, expanding the network’s capabilities and reach.

As highlighted in our previous article, the Polygon blockchain has launched Plonky3 as the new zero-knowledge (zk) modular toolkit for the Decentralized Finance (DeFi) space.

Polygon Labs announced that Plonky3 is now available for production use and is released under MIT/Apache license.

Below is the current price of MATIC.