Polygon Labs has introduced that the Ethereum Layer 2 blockchain's expertise improve from MATIC to POL will start on September 4, 2024.
The worth of Polygon (MATIC) fell on the information, however the losses additionally mirrored the downward stress throughout different cryptocurrencies.
MATIC to POL Transition
Polygon's transition from MATIC to POL is an improve that first surfaced final July and was launched to neighborhood governance by way of PIP-17 in September.
The important thing concept of this proposal is to interchange MATIC with a brand new token that might be used for gasoline and staking. This upcoming improve is a step following the POL ERC-20 contract implementation in October 2023.
Polygon Labs formally introduced the improve to POL on Thursday, revealing that within the first section, MATIC might be changed by POL, and in later phases of the improve, POL will tackle extra community features, together with AggLayer.
AggLayer is a decentralized protocol with a typical bridge and ZK-powered mechanism, designed to resolve the blockchain fragmentation drawback by means of a sovereign chain and shared liquidity.
“Nonetheless, even with the emergence of a converged Polygon community, POL will instantly be accessible on the presently extensively adopted Polygon Proof-of-Stake (PoS) community. POL would be the native gasoline and staking token for Polygon PoS and might be basic to Polygon community safety,” Polygon Labs wrote in a weblog publish.
What does this imply for MATIC holders?
In response to Polygon Labs, those that maintain MATIC on the Polygon PoS chain don’t must do something because the improve from MATIC to POL might be achieved robotically.
Nonetheless, holders who maintain MATIC tokens on different chains or platforms could must take sure actions. These different chains embrace Ethereum, Polygon zkEVM, and centralized exchanges (CEXs).
On this case, because the improve date approaches, customers who’re prepared to maneuver from MATIC to POL ought to use the transition settlement.
