The upgrade of the Polygon proof-of-stake (PoS) network is set to replace the original MATIC token with POL (POL) tokens on September 4th. The launch of the Ethereum contract for the POL token took place on October 25th as part of the Polygon 2.0 roadmap, which aims to power a vast ecosystem of zero knowledge-based layer 2 chains.
The POL upgrade is intended to enhance the utility of Polygon’s native token and support its expanding network of aggregated blockchains, known as AggLayer. The initial phase of the upgrade went live on the Polygon testnet on July 17th, providing the community with a six-week period to identify and resolve any potential issues before the mainnet migration.
During this initial phase, the POL tokens will replace MATIC as the native gas and staking token for Polygon PoS. However, the Polygon community believes that the new “future-proof native token” has even greater potential. According to the current community consensus, POL will play a broader role in the upcoming Polygon staking hub in 2025, including responsibilities such as block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
To ensure a smooth migration from MATIC to POL, users, developers, and infrastructure providers can take advantage of the recent POL upgrade on the testnet to better prepare for the mainnet upgrade. MATIC holders on Polygon PoS will be automatically upgraded to POL without any action required. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to bridge, update smart contracts, or use a migration contract on a case-by-case basis for a manual upgrade. It is important for users to update their RPC settings in wallets like MetaMask, Rabby, and Zerion to accurately display the new token symbol for the native gas token on the Polygon PoS chain.
In addition to the POL upgrade, Polygon Labs is collaborating with the TON Application Chain (TAC) to introduce Ethereum Virtual Machine (EVM) functionality to the TON ecosystem. The integration of Polygon CDK and the interoperability protocol AggLayer with TON L2 enables the development of EVM-compatible decentralized applications (DApps) on TAC.
In conclusion, the upgrade of the Polygon network and the introduction of the POL token signify a significant step forward in enhancing the capabilities and functionalities of Polygon’s ecosystem. By expanding its network of aggregated blockchains and collaborating with TON, Polygon aims to provide a seamless and efficient experience for its users and developers.