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Sujit Kumar
Jul 19, 2024
by Sujit Kumar

Polygon’s Mainnet Upgrade: MATIC to POL Transition Set for September 4, 2024

Polygon’s Mainnet Upgrade

Table of contents

  1. Migration Process
  2. Polygon 2.0 and Future Prospects
  3. What This Means for MATIC Holders
Polygon is set to undergo a significant mainnet upgrade on September 4, 2024, transitioning from the native MATIC token to a new token, POL, following community approval.

Migration Process

According to a July 18 blog post by Polygon Labs, “Following PIP-42, consensus was reached that Polygon PoS validators must stake POL (the upgrade to MATIC) to earn protocol rewards and transaction fees in POL.” Starting September 4, POL will replace MATIC as the native gas and staking token for Polygon’s Proof of Stake (PoS) chain. This transition aligns with the broader vision outlined in the “Polygon 2.0” plan introduced last year.

The migration will involve several DeFi protocols, dApps, and infrastructure updates to support the new POL token. Polygon currently utilizes two scaling solutions: the Polygon PoS sidechain and the Polygon zkEVM zero-knowledge rollup network.

Polygon 2.0 and Future Prospects

The upcoming Polygon 2.0 architecture aims to enhance the network’s security and efficiency, unify liquidity, and improve interoperability across multiple ZK-Rollup chains. The AggLayer will help link the Polygon 2.0 chains and settle ZK-based security proofs back on Ethereum to secure them immediately.

Polygon Labs stated, “POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself.” They added that in the long term, POL will have broader roles in the Polygon staking hub, which will launch in 2025. These roles include block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).

What This Means for MATIC Holders

For holders of MATIC on the Polygon PoS chain, the transition to POL will be seamless. The tokens will automatically convert to POL without any user-required action, ensuring uninterrupted network engagement.

However, some action may be necessary for MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes). Users will have the option to upgrade MATIC to POL through a migration contract already deployed on Ethereum, allowing for permissionless upgrades at their convenience.

The POL upgrade was first deployed on the testnet on July 17, 2024, to ensure a smooth transition. This “dress rehearsal” was crucial for identifying and fixing potential issues, allowing users and developers to familiarize themselves with the new system before the mainnet migration.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Polygon’s Mainnet Upgrade
Polygon’s Mainnet Upgrade: MATIC to POL Transition Set for September 4, 2024
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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