The @Polygon network is undergoing a significant transformation with the upcoming $POL upgrade, scheduled for September 4, 2024. This upgrade will transition the native token from $MATIC to $POL, bringing enhanced utility and functionality to the network.
What is the POL Upgrade?
The $POL upgrade is a community-driven initiative that aims to expand the utility of Polygon's native token. POL is designed to maintain the existing tokenomics, distribution, and total supply of $MATIC , ensuring a seamless transition for users. #PolygonPOL
The migration process will be automatic for holders of $MATIC on Polygon PoS, with no action required. For holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes), some action may be necessary to upgrade to POL.
MATIC holders on Polygon PoS will have their tokens automatically upgraded to POL. Holders on Ethereum, zkEVM, or CEXes may need to take action to upgrade.
For MATIC holders on Ethereum:
âȘïž use the migration contract: https://etherscan.io/address/0x455e53CBB86018Ac2B8092FdCd39d8444aFFC3F6
âȘïžor use a DEX aggregator such as 1inch, Kyber, or CowSwap to upgrade.
For MATIC holders on zkEVM:
âȘïžbridge MATIC tokens from zkEVM to Ethereum and then use the above instruction for holders on Ethereum to upgrade
âȘïžor use a DEX Aggregator.
For MATIC holders on CEXes:
âȘïžCEX: Check the exchange's specific instructions for the upgrade process.
The POL upgrade brings numerous benefits to the Polygon ecosystem, including:
- Enhanced utility and functionality for the native token
- Increased security and stability for the network
- Improved user experience and adoption
- Future-proofing for the growing Polygon network
Share your thoughts & opinions in the replies about the POL upgrade and its potential impact on the @Polygon ecosystem.
