Polygon (MATIC) Announces Transition to New Native Token POL, Promises Enhanced Network Performance and Advanced AggLayer Project

Polygon has announced that the much-anticipated transition from MATIC to POL is set to take place on September 4, 2024. This huge development makes POL the new native gas and staking token for the Polygon Proof-of-Stake (PoS) network

Polygon has announced that the highly anticipated transition from MATIC to POL will take place on September 4, 2024. This major development will see POL become the new native gas and staking token for the Polygon Proof-of-Stake (PoS) network, expanding its role in Polygon’s vast ecosystem.

The POL upgrade is a community-driven initiative designed to enhance the utility of Polygon’s native token. Starting September 4, POL will replace MATIC as the native gas token for Polygon PoS transactions. Those holding MATIC on the Polygon PoS chain will not be required to take any action, as the upgrading process will occur automatically.

However, MATIC holders on Ethereum and zkEVM will need to take steps to convert their tokens to POL. To do this, they can utilize a migration contract or a decentralized exchange aggregator like 1inch or Kyber. Centralized exchanges are also expected to handle the upgrades for their users automatically.

In addition to introducing POL, the upgrade will also see Polygon enhance its network performance and advance the AggLayer project. This proposal involves creating a scalable multichain network that shares liquidity and state. POL will contribute to this in two ways: by introducing new validator positions and a Community Treasury to further incentivize growth.

The success of the upgrade hinges on comprehensive testing and community engagement. The testnet shift, which began on July 17, aims to ensure a smooth transition with minimal delays. Developers and stakeholders are encouraged to test their systems and prepare for the changes to guarantee a seamless update.

As Polygon evolves into a network of aggregated blockchains, the addition of POL promises to enhance network security, scalability, and community governance. Stay tuned to Polygon’s channels for more information.

The upgrading also affects the polygon greenish trend, and at the time of writing, MATIC is trading at $0.448, up 6.58% from the previous 24 hours.

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