Polygon’s MATIC to POL improve set for September

Polygon Labs has introduced Ethereum Layer 2 blockchain Polygon’s technical improve for MATIC to POL will go stay on September 4, 2024.

The Polygon (MATIC) worth traded decrease amid the information, though the losses additionally mirrored the draw back strain throughout different cryptocurrencies.

MATIC to POL transition

Polygon’s transition from MATIC to POL is an improve that first surfaced in July final yr and made to neighborhood governance through PIP-17 in September.

On this proposal, the important thing thought is the alternative of MATIC with a brand new token that might be used for fuel and staking. This upcoming improve is a step that follows the POL ERC-20 contract implementation in October 2023.

Polygon Labs made the official announcement for the improve to POL on Thursday, revealing the preliminary part as one that can see POL exchange MATIC. In later phases of the improve, POL will tackle extra community performance, together with within the AggLayer.

The AggLayer is a decentralized protocol with a standard bridge and ZK-powered mechanism designed to resolve problems with blockchain fragmentation by way of sovereign chains and shared liquidity.

“However even because the aggregated Polygon community emerges, POL could have rapid utility on the extensively adopted Polygon Proof-of-Stake (PoS) community that exists at the moment: POL would be the native fuel and staking token of Polygon PoS—and basic to Polygon community safety,” Polygon Labs wrote in a weblog publish.

What does it imply for MATIC holders?

Based on Polygon Labs, those that maintain MATIC on the Polygon PoS chain don’t must do something because the improve from MATIC to POL will probably be automated.

Nonetheless, for holders with their MATIC tokens on different chains and platforms might have want take sure actions. These different chains embody Ethereum and Polygon zkEVM in addition to centralized exchanges (CEXs).

On this case, when the improve date rolls in, these able to migrate MATIC to POL might want to use a migration contract.