An important announcement was made from Polygon Labs. On September 4, the MATIC token will be replaced by POL (POL) tokens. This update on the Polygon network will occur automatically.
Polygon will replace its MATIC token with POL tokens following the planned upgrade on September 4. This change aims to strengthen zero knowledge-supported Layer-2 networks as part of the Polygon 2.0 roadmap. The Ethereum contract of the POL token will be launched on October 25. The POL upgrade aims to expand the use of Polygon's native token and power its aggregate blockchain network called AggLayer.
The POL upgrade was first released on the Polygon testnet on July 17; This gave the community the opportunity to detect and fix potential issues before mainnet migration. Initially, POL tokens will replace MATIC as the transaction fee and staking token for Polygon. However, the Polygon community believes that the POL token has greater potential. According to the current consensus, POL will support a broad role in the Polygon staking hub, which will be established in 2025, including block creation, development of zero knowledge proofs, and participation in data availability committees (DACs).
The latest POL upgrade on the testnet will enable users, developers, and infrastructure providers to better prepare for the mainnet upgrade. In the announcement, it was stated that the assets of MATIC holders in the Polygon network will be automatically converted to POL without any intervention.
Holders of Ethereum, Polygon zkEVM, or MATIC on centralized exchanges may encounter the need to create a bridge for manual upgrade, update smart contracts, or use a migration contract as the case may be. If users do not update their wallet settings (MetaMask, Rabby, Zerion, etc.), their wallets may continue to display MATIC instead of POL as the native token symbol for the Polygon network.
Additionally, Polygon Labs is collaborating with TON to integrate Ethereum Virtual Machine (EVM) functionality into the TON ecosystem. On July 9, TON and Polygon announced that the TON network has integrated the Polygon CDK and interoperability protocol Agglayer to bring EVM-compatible decentralized applications (DApps) to TAC.
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