Polygon, the popular Altcoin, is gearing up for a major network change. On September 4, 2024, the network will undergo a mainnet upgrade, replacing its native MATIC token with a new token called POL.
This move is a part of the “Polygon 2.0” roadmap.
What Does This Mean for Polygon Holders?
The transition to POL is designed to be as seamless as possible for most users. If you hold MATIC on the Polygon PoS chain, your tokens will automatically convert to POL.
Users with MATIC on Ethereum, Polygon zkEVM, or centralized exchanges will need to follow specific migration procedures.
Those who have delegated MATIC on Ethereum will see their tokens automatically converted to POL, with an option to opt out.
The new POL token will maintain MATIC’s existing tokenomics, distribution, and total supply. Initially, it will serve as the primary token for gas fees and staking within the Polygon network.
Polygon Labs, the network’s main developer, has emphasized the importance of this upgrade. In a recent blog post, they stated, “POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself.”
To ensure a smooth transition, Polygon conducted a testnet migration on July 17. This allowed developers to identify and address potential issues before the mainnet launch.
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