Polygon Labs, the main development company behind the second-layer network Polygon, said on Thursday (17th) that it will begin implementing a technical upgrade on September 4 to convert its MATIC tokens into new POL tokens. This is one of the transformation plans Polygon planned in the "Polygon 2.0" roadmap last year.

SAVE THE DATE: MATIC → POLAfter community consensus, the long-awaited upgrade is set for September 4th• Initial phase: POL replaces MATIC as the native gas and staking token for Polygon PoS• Subsequent phases: POL will serve a crucial role in the AggLayerMore details pic.twitter.com/SyxsFAlOeZ

— Polygon Foundation (@0xPolygonFdn) July 18, 2024

The initial phase of this token upgrade involves a technical upgrade that makes POL the native gas and staking token of the Polygon PoS chain. In the next phase, POL will begin to simultaneously protect other blockchains in Polygon’s broader “aggregation” network, including AggLayer, the interoperability layer used to solve the problem of blockchain fragmentation.

According to the Polygon team, MATIC holders on the Polygon PoS chain do not need to do anything for this upgrade and their tokens will automatically switch to POL. For those using MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum mainnet, they need to go through multiple steps to complete the token conversion, as Polygon explains in its blog post.

As part of the network changes, Polygon will test the token upgrade in a testnet environment on July 17 to identify or correct any issues before POL goes live on mainnet.

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