Polygon Labs has introduced Ethereum Layer 2 blockchain Polygon’s technical improve for MATIC to POL will cross live to tell the tale September 4, 2024.
The Polygon (MATIC) worth traded decrease amid the scoop, even if the losses additionally mirrored the drawback power throughout different cryptocurrencies.
MATIC to POL transition
Polygon’s transition from MATIC to POL is an improve that first surfaced in July remaining yr and made to neighborhood governance by the use of PIP-17 in September.
On this proposal, the important thing thought is the substitute of MATIC with a brand new token that might be used for gasoline and staking. This upcoming improve is a step that follows the POL ERC-20 contract implementation in October 2023.
Polygon Labs made the reliable announcement for the improve to POL on Thursday, revealing the preliminary section as one that may see POL substitute MATIC. In later stages of the improve, POL will tackle extra community capability, together with within the AggLayer.
The AggLayer is a decentralized protocol with a commonplace bridge and ZK-powered mechanism designed to resolve problems with blockchain fragmentation via sovereign chains and shared liquidity.
“However even because the aggregated Polygon community emerges, POL may have speedy application at the extensively followed Polygon Evidence-of-Stake (PoS) community that exists as of late: POL would be the local gasoline and staking token of Polygon PoS—and basic to Polygon community safety,” Polygon Labs wrote in a weblog submit.
What does it imply for MATIC holders?
In step with Polygon Labs, those that grasp MATIC at the Polygon PoS chain don’t must do anything else because the improve from MATIC to POL might be computerized.
Alternatively, for holders with their MATIC tokens on different chains and platforms could have want take positive movements. Those different chains come with Ethereum and Polygon zkEVM in addition to centralized exchanges (CEXs).
On this case, when the improve date rolls in, the ones in a position emigrate MATIC to POL will wish to use a migration contract.