Polygon will Migrate MATIC Tokens to POL on September 4, 2024

Bittime - The Polygon Foundation announced that the Polygon mainnet will undergo a major upgrade on September 4, 2024. After approval from the community, POL will replace MATIC as the native, gas, and staking token on Polygon PoS. 

Main Token: Migration MATIC to POL  

This migration will start with POL replacing MATIC as the gas and staking token on Polygon PoS. This means all transactions and staking activity on the Polygon network will use POL as the primary token. 

This token migration aims to increase network efficiency and security, as well as provide additional benefits to users and developers.

Role of Tokens POL in AggLayer

In the next stage, POL will play a key role in AggLayer, a critical component in Polygon's new architecture. AggLayer is designed to improve network scalability and interoperability, allowing Polygon to handle more transactions with lower fees and higher speeds. Thus, POL will not only function as a gas and staking token, but also as an integral element in the broader ecosystem.

Reasons for Token Migration

The migration from MATIC to POL was driven by the need to adapt to technological developments and market demands. Polygon has grown rapidly since its launch, and with this growth comes new challenges that require more sophisticated solutions. 

In this way, the POL token is expected to overcome some of MATIC's existing limitations and provide additional features that better suit the network's future needs.

Token Migration Process

Polygon Foundation has ensured that the migration process will be carried out in the smoothest manner and with minimal disruption for users. All MATIC holders will get POL proportionally, and they will be provided with a step-by-step guide on how to carry out this conversion. 

In addition, the Polygon team has also prepared a series of technical support to ensure that all questions and problems that may arise during the migration process can be handled quickly.

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