POLYGON LABS’S MATIC-POL MIGRATION CONFIRMED FOR SEPT. 4
The Polygon proof-of-stake (PoS) network will replace its original MATIC token with POL (POL) tokens following an upgrade slated for Sept. 4.
Polygon Labs launched the Ethereum contract for the POL token on Oct. 25 as part of the Polygon 2.0 roadmap, primarily intended to “power a vast ecosystem of zero knowledge-based layer 2 chains.”
The POL upgrade aims to expand the utility of Polygon’s native token and power its growing network of aggregated blockchains, a.k.a. AggLayer.
Laying the foundation for Polygon 2.0
The POL upgrade initially went live on the Polygon testnet on July 17, which leaves its community with approximately six weeks to identify and fix potential issues before the mainnet migration.
In the initial phase, the POL tokens will replace MATIC (MATIC $0.5399) as the native gas and staking token for Polygon PoS. However, the Polygon community sees greater potential in its new “future-proof native token.”
According to current community consensus, POL will support a broader role in the upcoming Polygon staking hub in 2025, which includes block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
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