Polygon, an Ethereum (ETH) Layer-2 scaling platform, has announced a major transition in its token ecosystem, set to take place on September 4. According to a blog post, the current MATIC tokens will be migrated to the new POL tokens as part of a strategic initiative to transform Polygon into a comprehensive network of networks.
Polygon POL Token, a Game-Changer
Intriguingly, the new POL tokens will serve multiple purposes within the Polygon ecosystem. After the upgrade in September, the POL tokens will be the native gas and staking assets for Polygon’s Proof-of-Stake (PoS) blockchains. Additionally, POL tokens will play a critical role in validating chains across Polygon’s aggregated network ecosystem, further integrating the various components of its expanding blockchain landscape.
As per the announcement, MATIC holders on Polygon’s PoS blockchain will have their tokens migrated to POL seamlessly, requiring no action. Also, detailed instructions on how to swap MATIC for POL will be provided closer to the migration date. However, actions will be required for holders of MATIC on Polygon zkEVM, Ethereum, or centralized exchanges (CEXes).
There is no deadline for MATIC holders on Ethereum and Polygon zkEVM to transition to POL. However, the community will have the power to set a deadline in the future.
POL Token Contract Opens up New Possibilities for Polygon
Recall that last year, the leading blockchain scaling and infrastructure development platform, launched its POL token contract on the Ethereum network. With the launch of the POL token contract dubbed “Polygon Ecosystem Token,” Polygon strengthens its position as a reliable, scalable, and interoperable blockchain solution.
Furthermore, the integration allows Polygon to explore token usage, governance, and utility alternatives. Thereby replacing MATIC with a more robust and versatile token in the long run. Also, the token launch opens doors for other facets of the Polygon 2.0 roadmap to be executed, like launching a new staking layer for the Polygon ecosystem and upgrading Polygon PoS to zkEVM, amongst many others.
Polygon Attains Prominence via Strategic Partnerships
Aside from gaming, the platform has also spread its net to other sectors via strategic partnerships. As reported by TheCoinRise, Blockchain analytic startup Arkham Intelligence partnered with Polygon as part of its vision for ‘Total Crypto Intelligence’ across all blockchains. The collaboration enables users to keep records on its chain by tracking, monitoring, and identifying wallets.
Similarly, American multinational entertainment company Disney partnered with Polygon while trying to expand and establish its presence in the Non-Fungible Token (NFT) space. Also, leading digital assets platform Stripe began its crypto payment, utilizing the Polygon blockchain.
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