Polygon Network will transition its MATIC token to POL tokens with an upgrade scheduled for September 4. Polygon Labs initiated the Ethereum contract for POL on October 25, aligning with the Polygon 2.0 roadmap. This move is designed to support a diverse ecosystem of zero-knowledge Layer-2 networks and enhance the utility of Polygon’s native token, fueling the collective blockchain network known as AggLayer.
Polygon Team Announces POL
The POL upgrade was initially rolled out on Polygon’s test network on July 17, providing the community ample time to identify and address potential issues before the mainnet transition. In the first phase, POL tokens will replace MATIC for transaction fees and staking. The Polygon community anticipates that POL will play a more significant role in the future.
By 2025, POL is expected to support block creation, zero-knowledge proof generation, and participation in data availability committees (DACs) at the newly established Polygon staking hub. This upgrade aims to prepare users, developers, and infrastructure providers for the upcoming mainnet switch.
Details on the Matter
Users on the Polygon network will have their MATIC holdings automatically upgraded to POL without any intervention. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to bridge, update smart contracts, or use a transition contract for manual upgrades. Failure to update the RPC settings in wallets could result in continued display of MATIC as the token symbol instead of POL.
Practical Implications for Users
Users should note the following:
- Automatic upgrade for MATIC holders on the Polygon network to POL.
- Manual upgrades required for MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges.
- Updating RPC settings in wallets is crucial to reflect POL as the token symbol.
Polygon Labs is collaborating with TON to integrate Ethereum Virtual Machine (EVM) functionality into the TON ecosystem. On July 9, both entities announced the integration of Polygon CDK and AggLayer, aiming to bring EVM-compatible decentralized applications (DApps) to TAC.
