- MATIC tokens on Polygon PoS will automatically convert to POL on September 4.
POL will serve as the primary token for gas fees and staking on Polygon PoS.
As a seasoned researcher and blockchain enthusiast who has closely followed the evolution of Polygon, I am excited about the upcoming transition from MATIC to POL. This change represents a significant leap forward for Polygon’s ecosystem and underscores its commitment to innovation and growth.
As a crypto investor, I’m excited to share that I’ve learned about the upcoming transition from MATIC to POL on September 4, 2024. This significant change positions POL as the new native gas and staking token for the Polygon Proof-of-Stake (PoS) network. This expansion of POL’s role within the extensive Polygon ecosystem promises exciting opportunities for those invested in this dynamic blockchain platform.
MATIC to POL Major Modifications
The POL upgrade is a community-led project aimed at boosting the functionality of the native token. From September 4th, POL will be used instead of MATIC as the gas token for Polygon Proof-of-Stake transactions. If you hold MATIC on the Polygon Proof-of-Stake network, there’s no action required from your end. The upgrade process will happen automatically.
Users holding MATIC on the Ethereum network should act now if they wish to switch to POL. This can be done by utilizing a migration contract or a decentralized exchange aggregator like 1inch or Kyber. Centralized exchanges will likely handle upgrades for their users automatically without requiring action.
Polygon significantly boosted network performance and propelled the development of the AggLayer project. This proposition entails establishing a flexible, multi-chain network that facilitates liquidity sharing and state synchronization. The POL token will enhance this in two key aspects: by introducing new validator positions and a Community Treasury to stimulate further progress.
The upgrade’s success is dependent on comprehensive testing and community engagement. The testnet shift, which began on July 17, aims to ensure a smooth transition with minimal delays. Developers and stakeholders should assess their systems and plan for the changes to guarantee a seamless update.
As Polygon transforms into a network composed of interconnected blockchains, incorporating POL is expected to enhance network security, handle increased traffic, and empower community decision-making. Keep an eye on Polygon’s communication platforms for further updates.
The enhancements have influenced the direction of Polygon towards a greener trend. At the moment, Matic is being traded at $0.448, marking an increase of 6.58% compared to its price over the last 24 hours.
Source : CMC
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2024-08-20 20:50