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.
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