- The highly anticipated transition from MATIC to POL as Polygon’s primary token will occur on September 4th.
- POL will not only serve as the gas and staking token but will also play a crucial role in the future AggLayer network.
- Holders of MATIC on Polygon PoS will automatically see their tokens converted to POL without any action required.
Polygon’s long-awaited upgrade from MATIC to POL is slated to go live on September 4th. This means that POL will replace MATIC to become the token used for transaction fees (gas) and staking on the PoS network. The transition is slated to take place in phases, where initially POL will gradually take over MATIC’s role on the existing chain. However, the long-term vision is to integrate POL into a more complex system called the AggLayer.
When the POL ERC-20 contracts went live on Ethereum last October, it was the first step toward achieving this community-led vision. Subsequent PIPs and community consensus refined POL in more depth, setting the stage for the full upgrade that is outlined in this post.
Per the blog post, the POL token was introduced as part of the PIP-17 last year to support the Pos network’s evolution into an aggregated blockchain network. POL offers expanded utility compared to MATIC, positioning it as a cornerstone for the future of the Polygon ecosystem.
Polygon’s POL Token’s Wider Role
As stated in the announcement post, POL will support broader roles in the Polygon staking hub (to be released in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
“But even as the aggregated network emerges, POL will have immediate utility on the widely adopted Proof-of-Stake (PoS) network that exists today: POL will be the native gas and staking token of the PoS network—and fundamental to Polygon network security,” according to the blog.
For holders of MATIC on Polygon PoS, no action will be required as POL will be upgraded automatically to become the native gas and staking token on the PoS chain. For MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes), some action may be required if a user desires to upgrade MATIC to POL.
