As a seasoned analyst with over two decades of experience in the tech and finance industries, I find the upcoming Polygon migration from MATIC to POL to be an intriguing development. Having closely followed the evolution of blockchain technology and its various applications, I am always keen on witnessing such transformative shifts within the ecosystem.
On September 4, 2024, I’m eagerly anticipating a significant milestone in the journey of Polygon (MATIC), one of the leading EVM blockchains. The team is moving forward with the token migration phase, introducing a new cryptocurrency called POL. As a crypto investor, I’m excited to see how this coin will be utilized as both gas and staking currency, paving the way for additional functions that are yet to be announced.
Polygon replaces MATIC with POL on Sept. 4, paves path for AggLayer
On September 4th (Wednesday), Polygon is planning to switch MATIC for both its gas currency and staking token with a new asset named POL. This new asset will serve as the foundation for Polygon’s economic model, staking system, and power the upcoming stages of its development, according to an official team announcement.
In the future developmental phases of Polygon, it will be up to the community to opt for extending the functionalities of POL, making it essential within AggLayer – a forthcoming blockchain integration platform developed by Polygon.
The Polygon team presents POL as a highly productive token, designed to offer beneficial services across all chains within the Polygon network, including AggLayer itself.
According to a report by U.Today, the shift towards Polygon (POL) was first announced in July 2023 and gained significant attention. This major update received approval from the community of users associated with Matic.
Testnet migration to POL was successfully organized last July. The upgrade is part of a multi-year technical road map dubbed Polygon 2.0.
Major exchanges support MATIC-to-POL migration
To upgrade their MATIC holdings into POL, several communities within the Polygon ecosystem need to follow different procedures.
Individuals who possess MATIC tokens within the Polygon Proof-of-Stake (PoS) system won’t need to perform any actions, as this update happens automatically. Similarly, MATIC stakers and delegators on Ethereum (ETH) also won’t be required to act during this upgrade process.
Instead, individuals who own MATIC tokens on Ethereum, Polygon zkEVM, and centralized exchanges might need to transfer their assets using migration tools provided or manually by interacting directly with the smart contract.
On various cryptocurrency exchanges (CEXes), the teams responsible will initiate the migration processes. Notably, some prominent tier 1 exchanges such as Binance and OKX have expressed their readiness to back Polygon’s token update.
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2024-08-31 19:45