On September 4, 2024, Polygon will undergo a major upgrade, transitioning from the $MATIC token to the new $POL token. This upgrade, known as the POL upgrade, follows community consensus and aims to enhance Polygon's capabilities as an aggregated blockchain network.
š£ What is the POL Upgrade?
The POL upgrade involves replacing MATIC with $POL as the native gas and staking token on the #Polygon PoS network. This transition supports Polygon's vision of becoming an interconnected network of chains, with POL playing a crucial role in securing and powering the network.
š£ How Will the Migration Process Work? š¤
1ļøā£ For $MATIC holders on Polygon PoS, no action is required; the upgrade will be automatic.
2ļøā£ However, $MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes) may need to migrate manually using the migration contract or third-party DEX aggregators like 1inch and Kyber.
š Detailed instructions and options will be provided closer to the upgrade date.
š£ What Happens to MATIC Holders? š¤
MATIC holders on #Polygon PoS will see their tokens automatically converted to POL. For those on Ethereum and Polygon zkEVM, the migration can be done permissionlessly using the migration contract.
š It's important to check for any specific requirements or updates from exchanges or DeFi platforms holding MATIC.
š£ Is This Move Beneficial to the Polygon Ecosystem?
Yes, the POL upgrade is a community-driven initiative designed to expand the utility of Polygon's native token, enabling it to provide services across multiple chains. This upgrade supports the growth and security of the network, positioning Polygon as a leading aggregated blockchain ecosystem.
š£ For more details, stay tuned to official @Polygon channels.
