Polygon to Transition from MATIC to POL on September 4

Polygon is set to transition from MATIC to its new token, POL, on September 4th.

This upgrade marks the beginning of a major evolution for the Polygon network, introducing POL as the new native token for gas fees and staking on the Polygon Proof-of-Stake (PoS) network.

POL is a community-driven token designed to replace MATIC and will be central to Polygon’s future growth. The shift was detailed in the Polygon Improvement Proposal (PIP-17) and has garnered strong support from the community.

The transition to POL is part of Polygon’s broader strategy to enhance its blockchain capabilities and scalability. The groundwork for POL began last October with the introduction of POL ERC-20 contracts on Ethereum. Since then, various proposals and community feedback have shaped the token’s utility and governance.

POL is expected to be a highly versatile token within the Polygon ecosystem, applicable across all its chains, including the forthcoming AggLayer, which will be pivotal in Polygon’s multi-chain plans.

From September 4th, POL will replace MATIC for all transactions on the Polygon PoS network, with validators required to stake POL to receive rewards and transaction fees, thereby strengthening network security and governance.