Polygon (MATIC) to Migrate to New POL Token on September 4, 2024

Polygon, the scaling platform for Ethereum, recently announced a major update scheduled for September 4, 2024. This update will see the migration of MATIC tokens to a new crypto token called POL, marking a key step in the “Polygon 2.0” roadmap.

Polygon, a scaling platform for Ethereum, has announced a major update that will see the migration of MATIC tokens to a new crypto token called POL. This update is scheduled to take place on September 4, 2024.

The migration from MATIC to POL is part of a broader strategy to transform Polygon into a “network of networks.” POL will become the native token for gas and crypto staking on Polygon's main blockchain (Polygon PoS), as well as for chain validation in Polygon's aggregated ecosystem. This change aims to improve the efficiency and productivity of the network by allowing POL to provide valuable services to any chain in the Polygon network, including the AggLayer.

For MATIC holders on the Polygon PoS chain, the migration will be automatic and will not require any action on their part. Their MATIC tokens will simply be converted to POL. However, those who use MATIC on Polygon's zkEVM rollup, on centralized crypto exchanges, or on the Ethereum blockchain, will need to follow specific steps detailed by Polygon to complete the migration.

Prior to the main migration, Polygon conducted a test migration on July 17, 2024, to identify and resolve any potential issues. This proactive approach aims to minimize risks and ensure a smooth transition to the new crypto token: POL.

POL is presented as a “third-generation hyperproductive token,” succeeding Bitcoin and Ethereum. In addition to serving as gas and staking token, POL will allow holders to become validators on Polygon-based chains, thus enhancing the security and decentralization of the crypto network.

The migration of MATIC tokens to POL represents a significant step in the evolution of Polygon. By adopting POL, Polygon aims to strengthen its crypto ecosystem and offer more efficient and productive services to its users. MATIC holders are encouraged to prepare for this transition and follow the instructions provided by Polygon to ensure a seamless migration.

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