An update to the Polygon mainnet is expected in September 2024, following community approval of the proposal.
As a result of the update, there will be a transition from the MATIC token to a new token with the ticker POL, and new smart contracts will also be introduced.
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The migration process is described in a July 18 Polygon Labs post. It states that following PIP-42, a consensus was reached that Polygon PoS validators should use POL (an updated token instead of MATIC) to receive protocol rewards and transaction fees in POL.
This means that from September 4, POL will become the main token for paying commissions and staking in the Polygon Proof of Stake (PoS) chain instead of MATIC. This transition is an important milestone in Polygon's development and aligns with the larger vision outlined in the Polygon 2.0 plan unveiled last year.
The transition process will involve multiple DeFi protocols, dApps, and updated infrastructure elements to support the new POL token. The Polygon project currently uses two scaling solutions: the Polygon PoS sidechain and the Polygon zkEVM zero-knowledge summary network.
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