Here’s When the Polygon Network Will Stop Using MATIC
18.07.2024 15:56 1 min. read Kosta Gushterov
On July 18, the Polygon network announced plans to update its native token MATIC to a cryptocurrency called POL, with the transition taking place on September 4.
According to Polygon Foundation’s, POL aims to provide the security of the blockchain as an aggregated network, liquidity pool and shared state across multiple chains.
The upgrade will occur in phases, and POL will replace MATIC as the token for gas and stacking activities for the Polygon chain.
Polygon’s road assured users that MATIC holders in the PoS chain do not need to take any action as their tokens will be automatically converted to POL.
Users using MATIC in Polygon’s zkEVM rollup, centralized exchanges, or Ethereum’s blockchain are provided detailed instructions in a blog post.
There are no immediate deadlines for them to migrate to POL, but the community will be allowed to set deadlines in the future.
Polygon described POL as a hyperproductive token designed to provide valuable services across any circuit in the Polygon network, including AggLayer.
The community expects that POL will play a key role in Polygon’s stacking hub, which will be released in 2025. This includes features such as block generation, zero-knowledge (ZK) proof generation, and participation in data availability committees (DAC).
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