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- Polygon is set to replace its original MATIC tokens with POL tokens following the upgrade scheduled for September 4th.
- This move is part of the broader Polygon 2.0 roadmap aimed at enhancing functionalities and supporting a broader ecosystem of layer-2 chains.
- Polygon Labs launched the POL token contract on Ethereum on October 25th, marking a significant step in the network’s evolution.
Polygon’s transition from MATIC to POL tokens signifies a major upgrade, enhancing both utility and network capabilities.
Polygon 2.0: Laying the Foundations
The POL token upgrade initially went live on Polygon’s testnet on July 17, providing approximately six weeks for the community to identify and resolve potential issues before transitioning to the mainnet. This period aims to ensure a seamless upgrade process, minimizing disruptions.
Broadening POL’s Utility and Potential
Initially, the POL tokens will replace MATIC in their capacity as the native gas and staking tokens for the Polygon proof-of-stake (PoS) network. However, the Polygon community envisions a more expansive role for the new “future-proof native token.” By 2025, POL is expected to support functions within the Polygon staking hub, including block creation, zero-knowledge proof generation, and participation in Data Availability Committees (DAC).
User Responsibilities for a Smooth Transition
The recent POL upgrade on the testnet allows users, developers, and infrastructure providers to better prepare for the mainnet launch. According to a statement shared with Cointelegraph, holders of MATIC on the Polygon PoS will automatically transition to POL without any intervention. However, those holding MATIC on Ethereum, Polygon zkEVM, or centralized exchanges will need to manually bridge and upgrade their tokens, update smart contracts, or use a migration contract to complete the process.
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Conclusion
The transition from MATIC to POL tokens marks a pivotal moment in Polygon’s development, aiming to bolster the network’s utility and prepare it for future growth. Users are advised to take necessary steps to ensure a smooth transition, fully leveraging the enhanced capabilities of the POL tokens. As always, it’s crucial for investors to conduct their own research and proceed with due diligence in all investment activities.
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