POL will instantly change into the fuel and staking token on the Polygon PoS community.
Polygon introduced its long-awaited token migration will happen in early September.
On July 18, Polygon revealed that token migrations from its MATIC token to POL are scheduled to go stay on Sept. 4, with POL changing MATIC because the native fuel and staking token for the Polygon PoS community. Testnet token migrations went stay on July 17.
“After reaching vibrant group consensus, at the moment the date has been introduced for the MATIC to POL improve on Polygon,” Polygon mentioned. “Mark your calendars, tattoo it backwards in your brow, set your sundials. It’s nearly right here.”
Polygon mentioned MATIC holders with tokens on the Ethereum and Polygon zkEVM networks or on centralized exchanges “might” need to migrate their tokens to POL. MATIC holders on the Polygon PoS chain, MATIC stakers, and MATIC governance delegates don’t must take any motion, with the migration happening mechanically.
Polygon first introduced plans to introduce the POL token in July 2023 as a part of its Polygon 2.0 overhaul — now referred to as AggLayer. POL’s contract went stay on Ethereum final October.
MATIC’s worth is up 6.8% over the previous seven days, in accordance with The Defiant’s crypto worth feeds.
Polygon’s AggLayer overhaul
The information comes as Polygon is present process massive modifications, with Polygon launching AggLayer in early February.
AggLayer seeks to facilitate the creation of a unified ecosystem of networks leveraging the Polygon Chain Growth Equipment (CDK), bypassing the centralization and safety dangers related to typical centralized bridges.
“Every chain could have a neighborhood copy of the unified bridge root, enabling cross-chain transactions that don’t require withdrawing to Ethereum or the safety dangers of third-party bridges,” Polygon mentioned. “Not solely can customers switch property between chains (bridge), however they’ll additionally set off contracts on a unique chain after the asset has arrived (name)… inside a single transaction.”
Astar zkEVM grew to become the second community supporting AggLayer after Polygon zkEVM in March. In April, OKX’s X-Layer L2 grew to become the third community linked to AggLayer at launch. In early July, The Open Community (TON) additionally introduced it will develop a Layer 2 community leveraging Polygon’s CDK and AggLayer.
Polygon mentioned POL will serve a “essential function” inside its multi-chain AggLayer ecosystem, pending group governance. The token is meant to energy Polygon’s forthcoming Staking Hub — which is anticipated to launch subsequent yr.
“POL is a hyperproductive token that can be utilized to offer useful companies to any chain within the Polygon community, together with the AggLayer itself,” Polygon mentioned. “POL… additional expands the utility of Polygon’s native token to replicate and energy the imaginative and prescient of Polygon as an ever-growing community of aggregated blockchains.”
Associated: Polygon Launches Alpha Testnet For STARK-Based mostly L2 Miden
