Polygon set to replace MATIC with innovative POL token this September
Polygon residing to replace MATIC with innovative POL token this September Polygon residing to replace MATIC with innovative POL token this September
POL token is designed to play a important role at some level of the Polygon ecosystem.
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Ethereum layer-2 community Polygon acknowledged it can well improve its native MATIC token to the POL token on Sept. 4, per a July 18 assertion shared with CryptoSlate.
Within the important allotment of this improve, POL will replace MATIC because the native gasoline and staking token for the Polygon proof-of-stake chain.
The Polygon crew assured customers that MATIC holders on the Polygon PoS chain perform no longer accumulate to rob any action regarding this improve, as their tokens will mechanically convert to POL. MATIC tokens on this chain legend for 14% of its offer.
Furthermore, MATIC tokens in staking contracts on Ethereum, representing 37% of its offer, will convert to POL mechanically.
Meanwhile, Polygon’s blog post offered detailed steps for those using MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain.
There are no immediate points in time for MATIC holders on Ethereum and Polygon zkEVM to enhance to POL. Nevertheless, the community would possibly per chance well accumulate the authority to residing a closing date at some point.
Tom Wan, a be taught strategist at 21.co, acknowledged these processes would develop the progress of the token migration to higher than 50%. Dune analytics files pegs the token migration progress at 0.1% as of press time.
The POL improve testnet launched on July 17. This testnet lets in customers and builders to familiarize themselves with the improve ahead of the mainnet migration.
POL utility
Polygon described POL as a hyperproductive token that can present treasured products and companies to any chain at some level of the Polygon community, along side the AggLayer itself.
The community expects POL to play a job in the Polygon staking hub, residing for open in 2025. This entails block period, zero-files proof period, and Recordsdata Availability Committees (DACs) participation.
Polygon Basis acknowledged:
“POL goals to offer safety for Polygon as an aggregated blockchain community, unifying liquidity and shared voice across just a few chains. This evolution helps the Polygon vision as a number one aggregated blockchain community.”
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