Polygon Unveils Its Anticipated Native Token Upgrade, Marking a Critical Milestone for the Polygon 2.0 Vision
- WBOYOriginal
- 2024-09-08 09:33:13750browse
The Polygon network successfully introduced its new native asset, POL, in a much-awaited move for the blockchain's users and onlookers.
The highly anticipated native token upgrade for Polygon has arrived, heralding a pivotal moment in the blockchain's journey towards Polygon 2.0.
In a significant development for the blockchain's users and observers, the Polygon network has now introduced its new native asset, POL, with the token replacing MATIC — which has served as the network's native asset since its genesis. Notably, MATIC holders can claim POL in a 1:1 ratio if their holdings have not already been converted to POL.
In an X post on Friday, the official Polygon account stated that there is "no deadline for users to upgrade. All MATIC on Polygon PoS & staked MATIC on Ethereum will upgrade automatically on Sept 4." Those users holding MATIC linked to Ethereum in their wallets must visit the Polygon Portal Interface to swap for POL using the migration contract. Additionally, users holding the token in their centralized exchange (CEX) accounts must also take that measure to convert their MATIC to POL.
However, Polygon warned users of the severe consequences of incorrectly calling the migration contract. "Incorrectly calling the migration contract can lead to the loss of funds," the X post noted. It also urged users not to send any funds to the contract, as doing so would result in irreversible fund loss.
Furthermore, some dApps, such as KyberSwap and CoW Swap, have integrated the contract into their platforms, which users may find more convenient to utilize when migrating their assets.
POL to Play a Central Role in Polygon 2.0
The native token upgrade marks a critical juncture in Polygon's vision for the future, kicking off the era of Polygon 2.0. While POL is now live on the mainnet, the token's full capabilities and role in the broader Polygon 2.0 ecosystem will continue to unfold over time.
The concept of Polygon 2.0 has been in the discourse for an extended period, with the POL upgrade initially launching on the testnet on July 17. Now, with its mainnet upgrade, the token will play a central role in Polygon's AggLayer future.
AggLayer, envisioned as a modular blockchain ecosystem, will see POL serve as the gas token for applications beyond transaction fees. It will be the medium through which users can stake their tokens in data availability layers, sequencers, and more, incentivizing a diverse range of use cases.
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