- Polygon Network is set to transition its MATIC token to POL tokens with a significant upgrade scheduled for September 4.
- This is part of Polygon Labs’ strategy to align with the Polygon 2.0 roadmap, enhancing the token’s utility in supporting a diverse ecosystem of zero-knowledge Layer-2 networks.
- The Ethereum contract for POL was initiated on October 25, marking a notable advancement in Polygon’s blockchain infrastructure.
Polygon Network is undergoing a crucial upgrade by transitioning MATIC to POL tokens, aiming to bolster its Layer-2 ecosystem and streamline user experience.
Polygon Team Announces POL
The initial rollout of the POL upgrade took place on Polygon’s test network on July 17, offering the community an opportunity to troubleshoot any potential issues before the official mainnet transition. In its first phase, the POL token will replace MATIC for transaction fees and staking purposes. Polygon’s community is optimistic about the future role POL will play within the network. By 2025, POL is anticipated to facilitate block creation, generate zero-knowledge proofs, and engage in data availability committees (DACs) at the new Polygon staking hub. This initiative is designed to prepare users, developers, and infrastructure providers for the forthcoming mainnet upgrade.
Details on the POL Transition
For those using the Polygon network, the transition from MATIC to POL will occur automatically. However, MATIC holders utilizing Ethereum, Polygon zkEVM, or centralized exchanges will need to bridge their tokens, update smart contracts, or employ a transition contract for manual conversion. It is crucial for users to update their RPC settings in their wallets to ensure the correct token symbol, reflecting POL instead of MATIC.
Practical Implications for Users
Users should be aware of several key aspects regarding this upgrade:
- A seamless automatic upgrade for MATIC holders on the Polygon network to POL.
- Manual action required for MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges to transition to POL.
- Updating RPC settings in wallets is essential to display POL correctly.
Further, Polygon Labs’ collaboration with TON to integrate Ethereum Virtual Machine (EVM) functionality into the TON ecosystem highlights their ongoing efforts to enhance the network’s efficiency and expand its compatibility with various decentralized applications (DApps).
Conclusion
In conclusion, the transition from MATIC to POL represents a pivotal upgrade for the Polygon network, set to enhance its utility and robustness. This move, aligned with the Polygon 2.0 roadmap, aims to support a broader ecosystem of zero-knowledge Layer-2 solutions while preparing stakeholders for future advancements. Users need to ensure they follow the necessary procedures for a smooth transition, thereby maximizing the benefits of this innovative development in the blockchain space.
