Polygon Labs, the principal developer behind the layer-2 network Polygon, announced on Wednesday that it will implement a significant technical upgrade, exchanging its MATIC token for the newly introduced POL token, effective September 4th.

The Polygon 2.0 Roadmap

This migration is a pivotal component of Polygon’s comprehensive overhaul as outlined in its “Polygon 2.0” roadmap unveiled last year. Initially proposed to the community in July 2023, this transition will position POL as the primary token across all Polygon networks.

Technical Upgrade and Implementation

The switch encompasses a technical upgrade that will designate POL as the native gas and staking token for Polygon’s principal proof-of-stake chain (Polygon PoS). Subsequent phases of this upgrade will extend POL’s role to securing other blockchains within Polygon’s expansive “aggregated” network, including the AggLayer.

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Versatility and Utility of POL

Polygon described POL as a hyperproductive token capable of offering valuable services to any chain within the Polygon network, including the AggLayer. This enhancement is expected to bolster the overall functionality and security of the network.

Seamless Transition for MATIC Holders

Polygon assured MATIC holders on the Polygon PoS chain that no action is required on their part; their tokens will automatically be reflected as POL. However, users with MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain will need to follow specific steps detailed in Polygon’s blog post.

Pre-Launch Testing

As part of the migration process, Polygon conducted a token upgrade test on July 17th in a controlled test network environment. This was to identify and rectify any potential issues before POL goes live on the mainnet.

By leveraging this meticulous approach, Polygon aims to ensure a smooth and efficient transition for all users, solidifying its position as a leading layer-2 network.