After announcing the transition from MATIC to POL as its ecosystem's native token last year, Polygon has indicated that the process will begin on September 4. What do you need to know?
Polygon: MATIC will become POL in less than 2 months
Just a year ago, we learned that POL was supposed to replace MATIC in its role as the native token of the Polygon ecosystem. While the timeline for this update was still unclear at the time, we now know a date: September 4, 2024.
SAVE THE DATE: MATIC → POL
After community consensus, the long-awaited upgrade is set for September 4th
• Initial phase: POL replaces MATIC as the native gas and staking token for Polygon PoS
• Subsequent phases: POL will serve a crucial role in the AggLayer
More details🧵 pic.twitter.com/SyxsFAlOeZ
— Polygon Foundation (@0xPolygonFdn) July 18, 2024
Replacing an existing token involves a migration process. In this regard, since MATIC exists in a multi-chain manner, this migration will be different from one case to another.
In the simplest case, these are the MATICs present on the Polygon PoS blockchain. Indeed, whether the assets are held in a portfolio or in decentralized finance (DeFi) applications, the change to the new token will be done automatically.
👉 How to buy MATIC from Polygon easily?
In the case of Ethereum (ETH) as well as Polygon zkEVM, it will be a little more complex. On Ethereum, Polygon teams invite to interact with the upgrade smart contract directly from Etherscan when the time comes, or to use a decentralized exchange (DEX) aggregator for users who would be less comfortable with this practice.
As for Polygon zkEVM, MATIC holders will be able to use the bridge to Ethereum to migrate to POL, or again, use a DEX aggregator.
For now, no migration deadline has been setalthough it is not excluded that the community may do so in the future.
Binance: the leading crypto exchange platform
Innovation or simple rebranding?
Upon its immediate launch, The POL will not have major differences with the current MATICif not a name change. However, the use cases should develop in the future, so that the token plays a more important role:
In the long term, the current community consensus proposes that POL support broader roles in the Polygon staking hub (coming in 2025), including block generation, zero-knowlege proof generation, and participation in Data Availability Committees (DACs).
💡 What is blockchain data availability?
Furthermore, Polygon Labs Promises Even Wider Use of POLnotably at the heart of the AggLayer, a concept presented at the last edition of EthCC. In short, the AggLayer is supposed to be a backbone linking all the networks that could connect to it in the future.
At the same time, MATIC has fallen by 5.6% over the last 24 hours, and is now trading at $0.52 for a total capitalization of $5.2 billion.
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Source: Polygon
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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