Ethereum expansion plan Polygon’s native token MATIC will be converted to POL! Mainnet upgrade on September 4th

This site (120BtC.coM): Ethereum expansion solution Polygon announced on Wednesday that after reaching a consensus in the community, it has finalized the mainnet upgrade on September 4, and Polygon’s native token will also be converted from MATIC for POL.

After this upgrade is completed, POL will replace MATIC as the Gas token and pledged asset of Polygon PoS, but it is expected that the original token economic model, distribution mechanism and total supply will still be maintained.

Polygon pointed out that the POL function may be expanded in the subsequent stages, especially within AggLayer, but this part still depends on the opinions of the community.

According to the previous introduction, POL is an important part of the "Polygon2.0" roadmap. Compared with MATIC, the most important feature of the new token is "cross-chain interoperability", which can be used in all chains within the ecosystem. Use it, and holders can become validators to maintain network security and receive rewards.

Polygon team stated that MATIC holders on the PoS chain do not need to perform any operations for this upgrade, and their tokens will be automatically converted into POL at a 1:1 ratio.

As for users who use MATIC on Polygon zkEV Mrollup, centralized exchanges or Ethereum, they need to make corresponding adjustments and updates in accordance with the official guidelines.

As part of the network migration, Polygon said it will test the token upgrade in a test network environment to discover or fix any potential issues before POL goes online.

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