tl;dr
Polygon Labs, the developer behind Polygon, will be upgrading from MATIC to POL token starting on Sept. 4, as part of its Polygon 2.0 roadmap. The upgrade will make POL the main token for all Polygon networks, serving as the native gas and staking token for Polygon's proof-of-stake chain and other b...
Polygon Labs, the developer behind Polygon, will be upgrading from MATIC to POL token starting on Sept. 4, as part of its Polygon 2.0 roadmap. The upgrade will make POL the main token for all Polygon networks, serving as the native gas and staking token for Polygon's proof-of-stake chain and other blockchains in its network. MATIC holders on the Polygon PoS chain will automatically receive POL. Those using MATIC elsewhere will need to follow specific steps for the upgrade.
The upgrade was tested on July 17 in a test network environment. CoinDesk, a cryptocurrency media outlet, was acquired by the Bullish group in November 2023. Bullish is majority-owned by Block.one, with interests in blockchain and digital asset businesses. CoinDesk operates independently with an editorial committee for journalistic independence.
Polygon Labs, the main developer firm behind the layer-2 network Polygon, said Wednesday that it will be performing the technical upgrade that swaps out its MATIC token for its new POL token starting on Sept. 4. The migration comes as a part of Polygon’s planned revamp laid out last year in its “Polygon 2.0” roadmap. The change was initially proposed in July 2023 to its community and would make POL the main token for all Polygon networks. The switch will consist of a technical upgrade that enables POL to be the native gas and staking token for Polygon’s main proof-of-stake chain (Polygon PoS). In the next stages of the upgrade, POL will begin to also secure other blockchains in Polygon’s wider “aggregated” network, including the AggLayer.
As part of the network’s migration, Polygon will tested the token upgrade on July 17 in a test network environment, in order to identify or fix any issues before POL is live on mainnet.