Polygon Labs (CRYPTO:MATIC) is set to migrate its native token from MATIC to POL as part of its Polygon 2.0 roadmap.
This significant change will transition POL to become the new native token used for gas fees and staking on Polygon's proof-of-stake chain, replacing MATIC.
The migration, scheduled for September 4, represents a crucial step toward enhancing the functionality and utility of Polygon’s network.
The switch from MATIC to POL is aimed at advancing Polygon's development into a zero-knowledge Ethereum Virtual Machine (zkEVM) network with its own system of interconnected blockchains.
The new token, POL, is expected to provide additional utility by enabling Polygon blockchain validators to earn rewards through staking and by securing other chains in the Polygon ecosystem, also known as the Polygon supernet.
Polygon has clarified that MATIC holders on the Polygon proof-of-stake chain do not need to take any action for this migration, as their tokens will be automatically converted to POL.
However, those holding MATIC on the Ethereum (CRYPTO:ETH) network will need to migrate their tokens to POL using the Polygon Portal Interface.
There is also a provision for users on the Polygon zkEVM layer-2 network or centralised exchanges to upgrade MATIC to POL, which may involve bridging to Ethereum.
The migration contract is available to assist holders in making the switch from MATIC to POL on Ethereum in a permissionless manner.
Currently, there is no deadline for converting MATIC to POL, but Polygon’s community may decide to set a timeline in the future.
The migration is a key part of Polygon's broader plan to establish a more interconnected and secure ecosystem through the use of zero-knowledge proofs and cross-chain transactions, enhancing its capabilities and utility across the blockchain space.
At the time of writing, the Polygon (MATIC) price was $0.3999.