- On September 4th, Polygon will officially begin migrating its native token MATIC to POL, establishing POL as the primary gas and staking token.
- Holders of MATIC on Ethereum, Polygon’s zkEVM, and controlled exchanges must follow certain steps to accomplish the conversion.
- A testing phase has been running on the testnet since July 17th to enable a smooth transition to POL.
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Polygon has officially revealed the migration date for its native token MATIC to POL, marking a significant milestone in its journey towards version 2.0. Set to take place on September 4th, this transition will establish POL as the primary gas and staking token across all networks within the platform, including its primary proof-of-stake (PoS) chain.
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Since the initial proposition in July 2023, the shift to POL has been strategically positioned to elevate the token’s usability within the Polygon ecosystem. POL will not only act as the essential fuel for network transactions but also as the token responsible for ensuring the security and functionality of blocks on the PoS chain.
MATIC holders who have their tokens on the PoS will undergo an automatic conversion to POL during the migration process, without the need for any extra steps from their end. On the other hand, individuals with MATIC stored on platforms such as Ethereum, Polygon’s zkEVM, and centralized exchanges must adhere to particular guidelines to finalize the transition to POL. For comprehensive guidance on how to carry out the migration, users can refer to the official communications provided by the platform.
POLYGON aims for seamless migration
The testnet phase has been in place on the platform since July 17th to ensure a smooth transition to the mainnet launch on September 4th. This testing environment is crucial for developers and users to identify and address any potential issues, guaranteeing an effective migration process.
In addition, there are plans to enhance the utility of POL within the “AggLayer,” a layer specifically designed to promote interoperability and optimal performance across multiple blockchains within the platform’s ecosystem.
The migration to POL is a significant step for Polygon as it aims to establish itself as a comprehensive blockchain network, driven by the community and dedicated to providing a strong infrastructure for decentralized applications and digital finance. This update will further solidify Polygon’s position as a leader in the DeFi industry and support its long-term growth.
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