Polygon is advancing its network through its 2.0 roadmap to strengthen its zero-knowledge-based layer 2 chains ecosystem. Scheduled for September 4, the upgrade will transition the original MATIC token to POL tokens on the Polygon proof-of-stake (PoS) network.

Launched on October 25 alongside the Ethereum contract for POL tokens, this upgrade aims to enhance the functionality of Polygon’s native token. It will facilitate support for a diverse array of aggregated blockchains, referred to as AggLayer, within Polygon’s expanding network.
Polygon Prepares for POL Token Mainnet Migration
Ahead of the mainnet migration scheduled for September 4, the POL upgrade commenced on the Polygon testnet on July 17. This period allows the community approximately six weeks to identify and resolve any potential issues.

Transition from MATIC to POL Tokens: During the initial phase, POL tokens will replace MATIC as the native gas and staking token for the Polygon proof-of-stake (PoS) network. The Polygon community anticipates significant advancements with the new POL token, aiming for a “future-proof” native asset.
Expanded Role and Future Prospects: According to current community consensus, POL is expected to play a crucial role in the upcoming Polygon staking hub set for 2025. This includes responsibilities such as block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs), reflecting Polygon’s broader strategic vision.
Preparing for the POL Mainnet Upgrade
The recent POL upgrade on the Polygon testnet is aimed at helping users, developers, and infrastructure providers prepare effectively for the upcoming mainnet transition. According to the announcement, MATIC holders on the Polygon proof-of-stake (PoS) network will experience an automatic upgrade to POL tokens without requiring any action.

MATIC-POL upgrade view. Source: Polygon
However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to undergo a manual upgrade process. This may involve bridging tokens, updating smart contracts, or utilizing a migration contract, depending on the specific case.
Important Note on Wallet Settings: The announcement emphasized that users must update their RPC (Remote Procedure Call) settings in wallets such as MetaMask, Rabby, Zerion, etc. Failure to do so could result in wallets displaying “MATIC” instead of “POL” as the token symbol for the native gas token on the Polygon PoS chain.

Polygon Labs and TON Application Chain EVM Integration
Polygon Labs is actively collaborating with the TON Application Chain (TAC) to introduce Ethereum Virtual Machine (EVM) functionality into the TON ecosystem.
On July 9, TON Application Chain and Polygon jointly announced the integration of Polygon’s Custom Development Kit (CDK) and the interoperability protocol Agglayer. This integration aims to enable the deployment of EVM-compatible decentralized applications (DApps) on the TON Application Chain platform, facilitating greater interoperability and functionality within the TAC

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Matic #POL #Polygon #BlackRock #JPMorgan $MATIC $BTC $USDC

Changes b/w $MATIC - $POL : Simplified Functionality -> Clarity in Tokenomics -> Rebranding -> A New Name -> Focus on Staking and Governance -> Enhanced Governance -> Future-Vision -> Matic To Pol

Why MATIC to POL ?Why MATIC to POL ?
Difference Before and After Transition :
- #MATIC (Before)
Multi-purpose token⮇Fees, Staking, Governance⮇Complex tokenomics structure⮇Part of the earlier Polygon branding⮇Multiple roles and uses⮇Governance mechanisms⮇Transition to a more mature and robust native token for Polygon's growth and governance.
- #POL (AFTER)
Simplified functionality⮇Primarily Staking & Governance⮇Enhanced Scalability⮇Increased security⮇Better coordination⮇Streamlined tokenomics for clarity⮇Part of the new Polygon 2.0 rebranding⮇Focused on staking and governing⮇Enhanced governance for community input⮇
vision - "Value Layer of the Internet," providing a solid foundation for the network's future.
Upgrade In #pol
⬆ Enhanced Scalability ⬆ Security Enhancements⬆ Attractive Validator Incentives⬆ Community Treasury⬆ Transparency & Community Governance ⬆ Simplified Migration ⬆ Long Migration Window ⬆ Strong Economic Support ⬆ Supernets Adoption ⬆ Model Validation ⬆ Attractive Returns ⬆ Strong Ecosystem Support
In #Matic
⬇ Less Scalable⬇ Traditional Security ⬇ Standard Validator Rewards ⬇ Centralized Foundation Support ⬇ Limited Community Involvement ⬇ Complex Migration Process ⬇ Short Migration Window ⬇ Fixed Supply ⬇ Less Diverse Ecosystem ⬇ Limited Performance Validation ⬇ Uncertain Economic Support
#Harshal

🟣 GM Binance fam! Have you caught the buzz about Polygon's $MATIC ? It's transforming into $POL and it's shaking things up big time! Fasten your seatbelts, a crypto revolution's kicking off! 🚀 #MATIC #POL 2️⃣🟣Say hello to Polygon 2.0! 🎉 This ain't just an upgrade. It's a power-packed move for multi-chain interoperability. Heads up!🔧🌉 The POL token upgrade is now live on Ethereum mainnet.Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the Value Layer of the Internet. POL unlocks that future.POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains. It does that via a native re-staking protocol that allows POL holders to validate multiple chains and perform multiple roles on each of those chains, turning POL into a hyperproductive token.This major milestone is the result of months of development, extensive community consultation and a successful testnet launch. Big thanks & congratulations to everyone involved.Let’s build the Value Layer of the Internet together!3️⃣🟣$POL's aiming for the stars, with a vision of total freedom across all chains. Ready to go beyond boundaries?🔁🌐 4️⃣🟣Check this - $POL's got built-in token swap!🔄 Fast, simple trades are about to become our jam. Trading just got an entire makeover!💥🚀All the $MATIC holders, no sweat. Your tokens are set to smoothly transition into $POL. 1 to 1 ratio, smooth as silk.💨 6️⃣🟣Shoutout to Polygon's tech whizzes. They're pushing boundaries to support Ethereum Virtual Machine (EVM) & Web3.👾 It's all about bridging the decentralized app world.🔗🌐 7️⃣🟣Let's break down the numbers. The Polygon team has locked the $POL token supply at a cool 10 billion, with a solid 22% allocated for us, the community. Now that's what I call sharing the wealth! 🥧 #POL8️⃣🟣What's the big picture? Polygon 2.0 is eyeing the top spot as the base layer of Web 3.0, powering the internet of tomorrow. The user-controlled, secure, decentralized internet we've been waiting for.🌐9️⃣🟣They're not stopping there! Polygon 2.0 is gearing up to offer a high-performance playground that'll make app development a joyride. Devs, gear up!👩‍💻🚀1️⃣0️⃣🟣Here's the bottom line. Polygon 2.0 and $POL are here to make waves. Expect more power, more flexibility, and some dope new tools. Standby, crypto soldiers!⚔️🚀1️⃣1️⃣🟣Alright, fam! Eyes on the prize, game face on. As always, #DYOR, finesse those strategies, and let's dominate these fresh opportunities. The crypto future's looking as bright as a star, and I'm all in! You with me?🌞💎 #pol #matic #polygon

Ethereum scaling solution Polygon released a new proposal on the 21st of last month to upgrade its original mainnet, PolygonPoS, to zkEVM Validium and stated that the upgrade will run on the mainnet by the end of the first quarter of 2024.

Recently, Polygon has once again announced relevant news to the market: the project proposes to upgrade the name of its native token #MATIC to #POL to support its ecosystem protocols: Polygon PoS, Polygon Supernets, and Polygon zkEVM.

According to the official statement, POL is the next generation native token of Polygon, aimed at protecting, coordinating, and developing the Polygon ecosystem.

The utility of POL will cover all Polygon protocols, including Polygon PoS, zkEVM, and Supernets.

"It can allow the scale of protocol participants (i.e. roles) to expand, support thousands of Polygon chains without sacrificing security."

However, upgrading from MATIC to POL requires approval from the Polygon community.

The official claims that if the upgrade proposal is approved, the redesigned protocol architecture will give the Polygon network unlimited scalability, and users and developers will be able to have a frictionless experience between any of its protocols.

According to the official explanation, staking POL in the future can bring three different rewards, including protocol rewards, transaction fees, and additional rewards.

In addition to validating multiple chains, validators can also play multiple roles on a single chain, including generating zero-knowledge proofs and participating in the Data Availability Committee.

The two biggest changes for validators are:

Validators can validate multiple chains.

Each chain can provide validators with multiple roles (and corresponding rewards).

-How will the transition from MATIC to POL be made in the future?

The official statement indicates that an upgrade smart contract will be released. Users can send their MATIC tokens to the contract, and an equal amount of POL will be automatically returned. If the community reaches a consensus to support the proposal, the transition is expected to begin in a few months.

#GOATMoments

Post By: CryptosHeadlines.com

Polygon Labs has introduced smart contracts for its forthcoming cryptocurrency, POL, on the Ethereum mainnet.Polygon Labs has reached a significant milestone by deploying contracts for its new cryptocurrency, POL, on the Ethereum mainnet. This comes after a successful testnet deployment, showcasing Polygon’s dedication to innovation.
In September, the Polygon community approved several Improvement Proposals, including PIP-17 and PIP-19. These proposals outlined the transition from MATIC to POL and were aligned with the architecture of the eagerly awaited Polygon 2.0 upgrade. POL, designed to replace MATIC, seamlessly integrates with the advanced features of Polygon 2.0, setting the stage for the next phase in Polygon’s development.
Matic and Pol
The key differences between MATIC and POL are in their intended functions. MATIC has been the foundational cryptocurrency in the Polygon ecosystem, while POL aims to take things to the next level. POL will not only be the primary cryptocurrency for Polygon 2.0 but will also support a wide network of zero-knowledge-based Layer 2 chains.
A standout feature of POL is its native re-staking protocol. This protocol empowers POL holders to validate multiple chains and take on various roles on each chain, increasing its usefulness in the ecosystem. In Polygon Labs’ words, “POL, a next-generation, high-efficiency token, will power a broad ecosystem of zero-knowledge-based Layer 2 chains. Its native re-staking protocol gives POL holders the flexibility to validate on numerous chains and assume diverse roles on each.”
It’s important to note that POL won’t immediately replace MATIC. Such a significant transition requires governance approval and will coincide with the launch of Polygon 2.0. As the upgrade draws near, there are several crucial steps to be taken. These include introducing a new staking layer for Polygon’s Layer 2 chains, transitioning from Polygon’s proof-of-stake to zkRollup, and implementing a zk-based interoperability and shared liquidity protocol for all Layer 2s, as outlined by Polygon Labs. This roadmap sets the stage for an exciting new chapter in Polygon’s journey.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Polygon #PolygonzkEVM #matic #POL #POLtoken