Polygon Labs, the main developer firm behind the layer-2 network Polygon, said Wednesday that it will be performing the technical upgrade that swaps out its MATIC token for its new POL token starting on Sept. 4.
The migration comes as a part of Polygonās planned revamp laid out last year in its āPolygon 2.0ā roadmap. The change was initially proposed in July 2023 to its community, and would make POL the main token for all Polygon networks.
The switch will consist of a technical upgrade that enables POL to be the native gas and staking token for Polygonās main proof-of-stake chain (Polygon PoS). In the next stages of the upgrade, POL will begin to also secure other blockchains in Polygonās wider āaggregatedā network, including the AggLayer.
āPOL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself,ā Polygon wrote in their blog post.
According to the Polygon team, MATIC holders on the Polygon PoS chain wonāt have to do anything for this upgrade and their tokens will show up in POL.
For those using MATIC on Polygonās zkEVM rollup, on centralized exchanges, or on the Ethereum blockchain, they will need to go through various steps, Polygon detailed in their blog post.
As part of the networkās migration, Polygon will tested the token upgrade on July 17 in a test network environment, in order to identify or fix any issues before POL is live on mainnet.
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