Polygon Labs Announces Upgrade from MATIC to POL
Polygon Labs revealed that the technical upgrade of the Ethereum layer 2 blockchain Polygon from MATIC to POL will go live on September 4, 2024. This announcement caused a dip in Polygon (MATIC) prices, mirroring the broader downward trend in the crypto market.
Transition from MATIC to POL
The transition from MATIC to POL has been in the works since last July and was approved through community governance in September with PIP-17. The main objective of this upgrade is to introduce a new token for Gas and Stake, building on the previous implementation of the POL ERC-20 contract in October 2023.
Polygon Labs officially announced the POL upgrade recently, confirming that POL will initially replace MATIC. As the upgrade progresses, POL will take on additional network functions, including roles in AggLayer.
Implications for MATIC Holders
Polygon Labs reassured MATIC holders on the Polygon PoS chain that no action is required as the transition to POL will be seamless. However, holders of MATIC tokens on other chains and platforms such as Ethereum, Polygon zkEVM, and centralized exchanges (CEX) may need to follow specific instructions for migrating to POL using a migration contract.
In conclusion, the upgrade from MATIC to POL signifies a significant milestone for the Polygon network, bringing new functionalities and improvements to the ecosystem. MATIC holders should stay informed and follow guidelines for a smooth transition to POL to ensure continued participation in the Polygon PoS network.
