Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Polygon set to migrate MATIC to POL on September 4

Polygon set to migrate MATIC to POL on September 4

Cryptobriefing2024/07/18 09:24
By:Cryptobriefing

Key Takeaways

  • POL will become the main gas and staking token for all Polygon networks.
  • Automatic conversion for MATIC holders on Polygon PoS, others must follow specific migration steps.

Polygon Labs has announced September 4 as the date for upgrading its MATIC token to the new POL token, marking a significant step in the network’s Polygon 2.0 roadmap.

The migration, initially proposed in July 2023, will make POL the primary token across all Polygon networks. This technical upgrade will enable POL to serve as the native gas and staking token for Polygon’s main proof-of-stake chain (Polygon PoS), with the same conditions for MATIC stakers and delegators on Ethereum. However, MATIC holders on Ethereum, Polygon zkEVM and in centralized exchanges may have to migrate, the company notes.

Polygon describes POL as a “hyperproductive token” capable of providing valuable services to any chain in the Polygon network, including the AggLayer . In future stages, POL will also play a role in securing other blockchains within Polygon’s wider “aggregated” network.

For MATIC holders on the Polygon PoS chain, no action will be required as their tokens will automatically appear as POL after the upgrade. However, users holding MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain will need to follow specific steps detailed in Polygon’s blog post to complete the migration.

Polygon initiated a testnet migration on July 17 to ensure a smooth transition. This test environment allows the team to identify and address any potential issues before the mainnet launch of POL on September 4.

The token migration is a crucial component of Polygon’s planned revamp, as outlined in its “Polygon 2.0” roadmap announced last year. This upgrade aims to expand the utility of the network’s native token and support Polygon’s vision of an aggregated blockchain network.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!