Polygon Labs to Launch Upgrade of Ethereum Layer 2 Blockchain from MATIC to POL
Polygon Labs announced that the technical upgrade of the Ethereum layer 2 blockchain Polygon from MATIC to POL will be launched on September 4, 2024. This transition marks a significant milestone in the evolution of the Polygon network.
Transition from MATIC to POL
Polygon’s transition from MATIC to POL was an upgrade that first appeared last July and was subject to community governance through PIP-17 in September. In this proposal, the key idea is to replace MATIC with a new token for Gas and Stake. This upcoming upgrade is a step after the implementation of the POL ERC-20 contract in October 2023.
Furthermore, Polygon Labs officially announced the upgrade to POL on Thursday and revealed that POL will replace MATIC in the first phase. In later stages of the upgrade, POL will take on additional network functions, including those in AggLayer.
Implications for MATIC Holders
According to Polygon Labs, those holding MATIC on the Polygon PoS chain do not need to take any action as the upgrade from MATIC to POL will be automatic. However, holders of MATIC tokens on other chains and platforms, such as Ethereum and Polygon zkEVM, as well as centralized exchanges (CEX), may need to perform certain actions in preparation for the migration to POL.
It is essential for users to use a migration contract when the upgrade date arrives to ensure a smooth transition from MATIC to POL.
Overall, the transition from MATIC to POL represents a significant step forward for the Polygon network, positioning it for continued growth and innovation in the blockchain space.
