TheDAOLabs
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The MATIC to POL Migration
On September 4, 2024, @DAO Labs #SocialMining hub @Polygon will migrate $MATIC to $POL. This move is significant for the #PolygonEvolution , as POL will replace #MATIC✅ as the native gas and staking token for the network. Here’s what you need to know about the POL upgrade and its implications for MATIC holders and the Polygon community in general.
After TONcoin in the 7th place and Avalanche in 10th, Polygon with its standing as 15th among top projects is a credit to the efforts of the #TheDAOLabs social miners, who were instrumental in building the project up.
What is the POL Upgrade?
The POL upgrade is a community-driven initiative to expand the utility of Polygon’s native token. First, POL will replace MATIC as the gas and staking token on the Polygon Proof-of-Stake (PoS) network. This shift comes after extensive community consensus and governance processes, which shows a broader vision for Polygon as a network of aggregated blockchains. Over time, POL is expected to play a crucial role in various aspects of the Polygon ecosystem, including the AggLayer, block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
How Will the Migration Process Work?
The migration process from MATIC to POL is planned to be as comfortable as possible, particularly for users on the Polygon PoS network. Here are the key details:
Polygon PoS Users: For MATIC holders on the Polygon PoS network, no action is required. On September 4, 2024, all MATIC tokens on this network will automatically convert to POL tokens.Ethereum, Polygon zkEVM, and CEX Users: MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes) may need to take action to migrate to POL. A migration contract is available for users to upgrade their tokens on Ethereum without needing permissions. Also, third-party DEX aggregators such as 1inch, Kyber, and CowSwap have integrated this migration contract to help with the process.Testnet Migration: A testnet migration went live on July 17, 2024, to check for potential problems before the mainnet upgrade.
What Happens to MATIC Holders?
Polygon PoS Network: MATIC holders on this network do not need to do anything. Their tokens will automatically convert to POL on the specified upgrade date.Ethereum and Polygon zkEVM: These users can either use the migration contract directly or utilize DEX aggregators to upgrade their tokens. There is no immediate deadline for this migration, but the community may set one in the future.Centralized Exchanges: Users should check with their respective exchanges for specific guidance on the migration process. Most major exchanges are expected to handle the upgrade automatically.
The Role of DAOLabs and Social Miners
#TheDAOLabs is an integral part of the Polygon ecosystem's governance and development framework. TheDAOLabs has been instrumental in bringing about the community consensus that led to the POL upgrade, through rigorous discussions and iterations to refine the upgrade process. Social miners are community members who actively contribute to the Polygon network by engaging in various promotional, educational, and development activities. They help spread awareness about the POL upgrade, educate users about the migration process, and provide support during the transition. Their efforts help bridge the gap between technical developments and user understanding, fostering a more inclusive and participatory ecosystem.
Is This Move Beneficial to the Polygon Ecosystem?
The MATIC to POL migration is expected to bring several benefits to the Polygon ecosystem. For example, POL is designed to support a wider range of functionalities, including its role in the AggLayer and future-proofing the network for further developments. Also, by becoming the native gas and staking token on Polygon PoS, POL will play a critical role in maintaining and securing the network.
In summary, the POL upgrade represents a significant step forward for the Polygon ecosystem, enhancing the utility and security of its native token while involving the community in the process. As Polygon continues to evolve as an aggregated blockchain network, POL will be central to its future growth and development.
Disclaimer: All the information provided in this article are for informative and educational purposes, and are not intended as financial advice. Any trades bear the risk of partial or total financial losses and must be approached with utmost caution. DYOR!
After TONcoin in the 7th place and Avalanche in 10th, Polygon with its standing as 15th among top projects is a credit to the efforts of the #TheDAOLabs social miners, who were instrumental in building the project up.
What is the POL Upgrade?
The POL upgrade is a community-driven initiative to expand the utility of Polygon’s native token. First, POL will replace MATIC as the gas and staking token on the Polygon Proof-of-Stake (PoS) network. This shift comes after extensive community consensus and governance processes, which shows a broader vision for Polygon as a network of aggregated blockchains. Over time, POL is expected to play a crucial role in various aspects of the Polygon ecosystem, including the AggLayer, block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
How Will the Migration Process Work?
The migration process from MATIC to POL is planned to be as comfortable as possible, particularly for users on the Polygon PoS network. Here are the key details:
Polygon PoS Users: For MATIC holders on the Polygon PoS network, no action is required. On September 4, 2024, all MATIC tokens on this network will automatically convert to POL tokens.Ethereum, Polygon zkEVM, and CEX Users: MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes) may need to take action to migrate to POL. A migration contract is available for users to upgrade their tokens on Ethereum without needing permissions. Also, third-party DEX aggregators such as 1inch, Kyber, and CowSwap have integrated this migration contract to help with the process.Testnet Migration: A testnet migration went live on July 17, 2024, to check for potential problems before the mainnet upgrade.
What Happens to MATIC Holders?
Polygon PoS Network: MATIC holders on this network do not need to do anything. Their tokens will automatically convert to POL on the specified upgrade date.Ethereum and Polygon zkEVM: These users can either use the migration contract directly or utilize DEX aggregators to upgrade their tokens. There is no immediate deadline for this migration, but the community may set one in the future.Centralized Exchanges: Users should check with their respective exchanges for specific guidance on the migration process. Most major exchanges are expected to handle the upgrade automatically.
The Role of DAOLabs and Social Miners
#TheDAOLabs is an integral part of the Polygon ecosystem's governance and development framework. TheDAOLabs has been instrumental in bringing about the community consensus that led to the POL upgrade, through rigorous discussions and iterations to refine the upgrade process. Social miners are community members who actively contribute to the Polygon network by engaging in various promotional, educational, and development activities. They help spread awareness about the POL upgrade, educate users about the migration process, and provide support during the transition. Their efforts help bridge the gap between technical developments and user understanding, fostering a more inclusive and participatory ecosystem.
Is This Move Beneficial to the Polygon Ecosystem?
The MATIC to POL migration is expected to bring several benefits to the Polygon ecosystem. For example, POL is designed to support a wider range of functionalities, including its role in the AggLayer and future-proofing the network for further developments. Also, by becoming the native gas and staking token on Polygon PoS, POL will play a critical role in maintaining and securing the network.
In summary, the POL upgrade represents a significant step forward for the Polygon ecosystem, enhancing the utility and security of its native token while involving the community in the process. As Polygon continues to evolve as an aggregated blockchain network, POL will be central to its future growth and development.
Disclaimer: All the information provided in this article are for informative and educational purposes, and are not intended as financial advice. Any trades bear the risk of partial or total financial losses and must be approached with utmost caution. DYOR!
