- With community approval, Polygon will upgrade its mainnet on September 4, 2024, and change its native coin from MATIC to POL.
- POL will take the place of MATIC as the main token for staking and gas fees following the update.
- Prior to the mainnet update, on July 17, a testnet migration was started.
On September 4, 2024, Polygon will update its mainnet. The native token of the project, MATIC -4.80%, will be replaced with a new token bearing the ticker POL and new smart contracts upon community approval.
POL will take the role of MATIC as the main token for gas costs and staking in the network’s first phase after the upgrade. It is expected that POL would maintain the current tokenomics, distribution, and total amount of MATIC.
Depending on community feedback, POL’s features, especially within the AggLayer, may be expanded in later iterations.
This comes after a testnet migration that was made available on July 17 in an effort to find and fix any possible problems before the mainnet switch.
Developers and stakeholders who have delegated their MATIC on Ethereum will also automatically have the option to opt out of having their tokens converted to POL.
To support the new POL coin, there will be extensive upgrades made to decentralized applications, infrastructure, and financial protocols as part of the migration.
At the moment, Polygon uses two scaling strategies: Polygon zkEVM, a zero-knowledge rollup network, and Polygon PoS, a sidechain.
With the goal of establishing a uniform liquidity framework that improves interoperability and shared state functionalities across numerous ZK-Rollup chains, the project intends to soon implement the Polygon 2.0 architecture.
In this configuration, it is expected that AggLayer will help connect the Polygon 2.0 chains and settle ZK-based security proofs back on Ethereum to safeguard them instantaneously.
AggLayer and Polygon PoS are intended to be connected by a concept that Polygon recently introduced, named zkPoS Phase 1. This is a component of the plan to convert Polygon PoS into a zkEVM Validium.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
