Polygon Foundation has announced that the migration from MATIC to POL tokens will occur on September 4. The POL token will replace MATIC as the native gas and staking token for the Polygon proof of stake (PoS) network.
This community-driven upgrade was first proposed last year, marking a significant milestone for Polygon. The transition also aims to expand POL’s functionality within the AggLayer, pending community consensus.
MATIC holders on Ethereum, Polygon zkEVM, and centralized exchanges (CEXes) will need to migrate their tokens. However, MATIC holders on Polygon PoS and stakers and delegators on Ethereum do not need to take any action.
Despite the recent price fluctuations caused by SEC scrutiny, the Polygon team and community are optimistic that the upgrade will boost both network growth and token value.
This strategic upgrade is expected to enhance Polygon’s ecosystem and long-term viability, reinforcing its role in the blockchain and crypto space.
