š„What is the POL Upgrade?š§
$POL is the upgraded version of $MATIC , Polygon's native token. The POL upgrade is a result of extensive community governance, with the initial proposal (PIP-17) receiving overwhelming feedback and support. The POL ERC-20 contracts went live on Ethereum in October, marking the first step towards realizing this community-led vision.
The POL upgrade is designed to expand the utility of Polygon's native token, reflecting the network's evolution as an aggregated blockchain ecosystem. POL is envisioned as a "hyperproductive" token that can provide valuable services to any chain within the Polygon network, including the AggLayer itself. In the long term, POL is expected to play a crucial role in Polygon's staking hub, scheduled for release in 2025, enabling block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
š„The Migration Process š„
The MATIC to POL migration will take place on September 4th, 2024, with the mainnet launch. The process will vary depending on where MATIC tokens are currently held:
MATIC Holders on Polygon PoS: No action is required. MATIC tokens will automatically migrate to POL, which will become the native gas and staking token on the Polygon PoS network.
MATIC Holders on Ethereum: Users can use the migration contract deployed on Ethereum to upgrade their MATIC tokens to POL. Alternatively, they can utilize decentralized exchange (DEX) aggregators like 1inch, Kyber, or CowSwap to facilitate the migration.
MATIC Holders on Polygon zkEVM: Users have two options: bridge their MATIC tokens to Ethereum and follow the instructions for Ethereum holders, or find a zkEVM-based DEX or aggregator to swap MATIC for POL.
MATIC Holders on Centralized Exchanges (CEXes): Users should check with their respective exchanges for guidance on the migration process, as most major exchanges will likely handle the upgrade automatically for their users.
š„Conclusionš„
The MATIC to POL migration represents a significant milestone in Polygon's journey as an aggregated blockchain network. By upgrading its native token, Polygon is positioning itself for future growth, increased adoption, and the development of more advanced decentralized applications. As the mainnet launch approaches, it's crucial for MATIC holders and ecosystem participants to familiarize themselves with the migration process and take necessary actions to ensure a smooth transition. With the POL upgrade, Polygon is poised to unlock new possibilities and drive innovation in the blockchain space.
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