Polygon plans to migrate MATIC to POL token on Sept. 4

Polygon is set to undergo a mainnet upgrade on Sept. 4, 2024, transitioning from its native token, MATIC, to a new token with the ticker POL and fresh smart contracts, following community approval of the proposal.

Post-upgrade, POL will replace MATIC to be the primary token for gas fees and staking within the network during the initial phase. POL is expected to maintain MATIC's existing tokenomics, distribution and total supply.

Subsequent phases may see an expansion of POL’s functionalities, particularly within the AggLayer, depending on community input. 

This follows a testnet migration was released on July 17, which aimed to identify and address potential issues prior to the mainnet transition.

The POL token migration process

For current MATIC holders on the Polygon PoS network, the transition to POL will occur automatically, requiring no user intervention. However, those with MATIC on Ethereum, the Polygon zkEVM, or various centralized exchanges will need to follow specific migration procedures outlined by the core developers to ensure a smooth transition to POL, the project said.

Additionally, developers and stakers who have delegated their MATIC on Ethereum will have their tokens automatically converted to POL, with the option to opt-out if they choose.

As part of the migration, there will be widespread updates across decentralized finance protocols, decentralized applications, and infrastructure to accommodate the new POL token.

Polygon currently employs two scaling solutions: a sidechain named Polygon PoS and a zero-knowledge rollup network known as Polygon zkEVM.

The project plans to soon deploy the Polygon 2.0 architecture, aiming to create a unified liquidity framework that enhances interoperability and shared state functionalities across multiple ZK-Rollup chains.

In this setup, AggLayer is expected to help link the Polygon 2.0 chains and settle ZK-based security proofs back on Ethereum to secure them at once.

Polygon recently introduced what’s called as “zkPoS Phase 1,” a proposal designed to link Polygon PoS with the AggLayer. This is part of a strategy to transition Polygon PoS into a zkEVM Validium.