POL Upgrade: What You Need to Know

The $POL upgrade is a significant enhancement to the Polygon network, scheduled for September 4th, 2024. $POL is set to replace $MATIC as the native gas and staking token on Polygon Proof-of-Stake (PoS) network. This upgrade stems from a community-driven initiative to expand the utility and security of #Polygon's native token, aligning with the network's vision of becoming an aggregated blockchain network.

How Will the Process of Migration Operate?

The migration procedure has been planned for maximum smoothness:

1. Polygon PoS Holders: Nothing needs to be done. On the mainnet, your MATIC tokens will immediately change to POL tokens.

2. Holders of Ethereum, zkEVM, and CEX: You might have to manually move your tokens via the migration contract or through outside DEX aggregators. There will be thorough guidance and assistance offered to guarantee a seamless transition.

What Happens to MATIC Holders?

For MATIC holders, here's what you need to know:

1. On Polygon PoS: Your MATIC tokens will automatically become POL tokens. No additional steps are needed.

2. On Ethereum, zkEVM, or Centralized Exchanges (CEXes): Some action may be required to upgrade your tokens. You will have the option to use a migration contract or third-party DEX aggregators to facilitate this process.

Is This Move Beneficial to the Polygon Ecosystem?

Absolutely. The POL upgrade brings several benefits to the Polygon ecosystem:

1. Enhanced Utility: POL is designed to offer greater utility than MATIC, enabling more robust services across the Polygon network, including the upcoming AggLayer.

2. Improved Security: By becoming the native gas and staking token, POL will play a crucial role in securing the network and incentivizing validators.

3. Future-Proofing: POL aligns with the long-term vision of Polygon, supporting new functionalities such as block generation Z-k proof generation and participation in Data Availability committees(DAC)