Polygon Labs has introduced that Polygon's technical improve for MATIC to POL will launch on September 4, 2024.
The value of Polygon (MATIC) traded decrease on the information, although losses additionally mirrored bearish stress throughout different cryptocurrencies.
Transition of MATIC to POL
Polygon's transition from MATIC to POL is an improve that first appeared in July of final 12 months and have become group administration by way of PIP-17 in September.
On this proposal, the important thing concept is to interchange MATIC with a brand new token that might be used for gasoline and staking. This upcoming replace is a step that follows the implementation of the POL ERC-20 contract in October 2023.
Polygon Labs formally introduced the improve to POL on Thursday, revealing the preliminary section because the section the place POL will substitute MATIC. Within the later levels of the POL improve, extra community features will likely be taken over, together with the AggLayer.
AggLayer is a decentralized protocol with a typical bridge and a ZK-powered mechanism designed to resolve the issues of blockchain fragmentation by way of sovereign chains and shared liquidity.
“However even when an aggregated Polygon community emerges, POL may have instant applicability to the extensively adopted Polygon Proof-of-Stake (PoS) community that exists at the moment: POL would be the native gasoline and staking token of Polygon PoS – and important to Polygon. community safety,” Polygon Labs wrote in a weblog submit.
What does this imply for MATIC holders?
In keeping with Polygon Labs, those that maintain MATIC on the Polygon PoS chain don’t have to do something, because the improve from MATIC to POL will likely be automated.
Nonetheless, holders with their MATIC tokens on different chains and platforms might have to take sure actions. These different chains embrace Ethereum and Polygon zkEVM in addition to centralized exchanges (CEX).
On this case, when the improve date arrives, those that are able to migrate MATIC to POL might want to use the migration contract.
