POL will instantly change into the gasoline and staking token on the Polygon PoS community.
Polygon introduced its long-awaited token migration will happen in early September.
On July 18, Polygon revealed that token migrations from its MATIC token to POL are scheduled to go dwell on Sept. 4, with POL changing MATIC because the native gasoline and staking token for the Polygon PoS community. Testnet token migrations went dwell on July 17.
“After reaching vibrant community consensus, today the date has been announced for the MATIC to POL upgrade on Polygon,” Polygon mentioned. “Mark your calendars, tattoo it backwards on your forehead, set your sundials. It’s almost here.”
Polygon mentioned MATIC holders with tokens on the Ethereum and Polygon zkEVM networks or on centralized exchanges “may” need to migrate their tokens to POL. MATIC holders on the Polygon PoS chain, MATIC stakers, and MATIC governance delegates don’t must take any motion, with the migration happening mechanically.
Polygon first introduced plans to introduce the POL token in July 2023 as a part of its Polygon 2.0 overhaul — now referred to as AggLayer. POL’s contract went dwell on Ethereum final October.
MATIC’s value is up 6.8% over the previous seven days, in line with The Defiant’s crypto value feeds.
Polygon’s AggLayer overhaul
The information comes as Polygon is present process large adjustments, with Polygon launching AggLayer in early February.
AggLayer seeks to facilitate the creation of a unified ecosystem of networks leveraging the Polygon Chain Growth Equipment (CDK), bypassing the centralization and safety dangers related to typical centralized bridges.
“Each chain will have a local copy of the unified bridge root, enabling cross-chain transactions that don’t require withdrawing to Ethereum or the security risks of third-party bridges,” Polygon mentioned. “Not only can users transfer assets between chains (bridge), but they can also trigger contracts on a different chain after the asset has arrived (call)… within a single transaction.”
Astar zkEVM grew to become the second community supporting AggLayer after Polygon zkEVM in March. In April, OKX’s X-Layer L2 grew to become the third community linked to AggLayer at launch. In early July, The Open Community (TON) additionally introduced it might develop a Layer 2 community leveraging Polygon’s CDK and AggLayer.
Polygon mentioned POL will serve a “crucial role” inside its multi-chain AggLayer ecosystem, pending neighborhood governance. The token is meant to energy Polygon’s forthcoming Staking Hub — which is anticipated to launch subsequent yr.
“POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself,” Polygon mentioned. “POL… further expands the utility of Polygon’s native token to reflect and power the vision of Polygon as an ever-growing network of aggregated blockchains.”
Associated: Polygon Launches Alpha Testnet For STARK-Primarily based L2 Miden
