Polygon Labs has announced the transition from MATIC to POL tokens, set to take place on September 4, 2024. This migration is a key component of Polygon’s 2.0 roadmap, which seeks to improve its layer 2 ecosystem, utilizing zero-knowledge technology.
The POL token, introduced on October 25, 2023, via an Ethereum contract, is designed to support an extensive network of layer 2 chains. In the first phase, POL will replace MATIC as the native gas and staking token on the Polygon proof-of-stake (PoS) chain. In the future, POL is expected to play a larger role, including in the upcoming staking hub in 2025, enabling tasks such as block production, generating zero-knowledge proofs, and participating in Data Availability Committees (DACs). This broader scope aims to establish POL as a “future-proof native token” for Polygon’s expanding AggLayer network.
To facilitate the switch, Polygon Labs initiated the POL upgrade on its testnet on July 17, providing users, developers, and service providers time to adapt before the mainnet migration. Holders of MATIC tokens on Polygon PoS will experience an automatic upgrade to POL, requiring no action. However, MATIC holders on other platforms, such as Ethereum and Polygon zkEVM, or those using centralized exchanges, may need to manually migrate their tokens by bridging or updating their smart contracts.
Polygon Labs has also advised users to update their RPC settings in wallets like MetaMask and Zerion, as failure to do so might result in the wallet displaying “MATIC” instead of “POL.”
This token migration aligns with Polygon’s larger strategy to unify its network under the POL token, enhancing its functionality and interoperability. Additionally, Polygon is expanding its ecosystem by partnering with the TON Application Chain (TAC) to bring EVM-compatible decentralized applications (DApps) to the TAC ecosystem, further extending its reach.
