Polygon Labs, the company behind the popular layer-2 scaling solution Polygon, has confirmed a network upgrade scheduled for September 4th, 2024. This upgrade will see the migration of the network’s native token, MATIC, to a new token called POL.
The move is part of Polygon’s 2.0 roadmap, which aims to enhance the functionality and utility of its zero-knowledge-based layer 2 chains. POL is designed to serve as the backbone of this upgraded ecosystem, powering the vast network of aggregated blockchains known as the AggLayer.
Laying the groundwork for the future
To ensure a smooth transition, Polygon Labs first implemented the POL upgrade on a testnet on July 17th. This six-week window allows developers, users, and infrastructure providers to identify and address any potential issues before the mainnet launch in September.
Initially, POL will replace MATIC as the primary gas and staking token for the Polygon Proof-of-Stake (PoS) network. However, the community envisions a broader role for POL in the future. According to current plans, POL will play a central role in the upcoming Polygon staking hub scheduled for 2025, including functions like block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
Preparing for the Migration
The recent testnet launch allows stakeholders ample time to prepare for the mainnet upgrade. While MATIC holders on the Polygon PoS network will be automatically upgraded to POL, those holding MATIC on Ethereum, Polygon zkEVM, or centralized exchanges will need to take manual action. This may involve bridging tokens, updating smart contracts, or utilizing a migration contract, depending on the specific situation.
The announcement also emphasizes the importance of updating wallet settings (like those in MetaMask) to ensure accurate token representation after the migration. Failure to do so might result in wallets still displaying “MATIC” instead of “POL” for the native gas token on the Polygon PoS chain.
Beyond the Upgrade
Polygon Labs continues to expand its reach beyond the upcoming token migration. The company recently partnered with the TON Application Chain (TAC) to bring Ethereum Virtual Machine (EVM) functionality to the TON ecosystem. This collaboration allows developers to build EVM-compatible decentralized applications (DApps) on the TAC network, further solidifying Polygon’s position as a major player in the blockchain interoperability landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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