Polygon Labs is making main strides towards the way forward for its community on Wednesday.
On September 4, the Ethereum scaling community will full a migration from its longstanding MATIC token to POL, which can then develop into the native token of its community. The migration kinds an integral a part of the Polygon 2.0 roadmap.
Forward of the shift, right here’s a take a look at what to anticipate from the migration—and what you must do for those who’re a MATIC holder.
What’s the “MATIC” to “POL” migration?
The POL migration will part out MATIC as Polygon’s native token.
In lieu of MATIC, POL will develop into the native fuel and staking token for Polygon’s primary proof-of-stake chain, Polygon said in a July weblog publish.
Why is Polygon transferring to POL?
The POL migration units the groundwork for Polygon 2.0, the roadmap for Polygon’s evolution right into a zero-knowledge Ethereum Digital Machine (zkEVM) system, full with its personal community of interoperable application-specific blockchains.
Per Polygon, POL will convey added utility to the community. As with MATIC, Polygon blockchain validators that take part in staking might earn rewards by restaking their POL to safe different chains within the Polygon supernet.
In subsequent updates, POL will probably be employed to safe different blockchains inside Polygon’s broader “aggregated” community, aka the “AggLayer,” which is a core part of Polygon 2.0.
The AggLayer will mixture zero-knowledge proofs from all linked chains and make sure the safety of near-instant, atomic cross-chain transactions, Polygon explained in a weblog publish in January.
Do customers must do something earlier than the POL migration?
MATIC holders on the Polygon proof-of-stake chain don’t must do something forward of the POL migration, in line with Polygon. Their tokens will probably be transformed routinely to POL.
In the meantime, MATIC holders on the Ethereum community might migrate their tokens to POL through the Polygon Portal Interface.
MATIC holders on the Polygon zkEVM layer-2 community or centralized exchanges may should take some motion to improve MATIC to POL, comparable to bridging them to Ethereum. An already-deployed migration contract is offered to assist holders swap from MATIC to POL on Ethereum in a permissionless method. Polygon warns, nevertheless, that this course of is for superior customers.
Lastly, MATIC holders that maintain MATIC as ERC-20 tokens in {hardware} wallets comparable to Ledger might must manually convert to POL utilizing their pockets, though Polygon has not but detailed this course of.
When is the deadline for changing MATIC to POL?
There may be at present no deadline for MATIC holders on Ethereum and Polygon zkEVM to transform MATIC to POL, per Polygon’s weblog publish.
Nonetheless, the Polygon group could also be granted the authority to ascertain a deadline sooner or later, Polygon stated in its publish.
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