On September 4, 2024, Polygon is ready to introduce its new native token, POL, marking a big shift from the prevailing MATIC token. This improve is a part of Polygon’s broader technique to evolve from a single proof-of-stake (PoS) community into an expansive ecosystem of blockchains powered by zero-knowledge (ZK) know-how. This text breaks down all the things you want to learn about this MATIC to POL migration and what it means for the way forward for Polygon.
Polygon’s Bold Evolution: The AggLayer
Polygon is well known as a quick and cost-effective Ethereum (ETH) sidechain, however its journey started in 2017 with the launch of the Matic Community by Jaynti Kanani and Sandeep Nailwal. After rebranding to Polygon in 2021, the platform positioned itself as a number one Ethereum scaling answer. Now, Polygon is poised to take a large leap ahead with the introduction of the AggLayer, a scalable multichain community designed to unify and safe quite a few ZK-powered blockchains.
The AggLayer will permit seamless cross-chain transactions and join on to Ethereum L1 through a single bridge, simplifying the ecosystem. Builders will profit from instruments just like the Polygon Chain Growth Equipment (CDK) and zkEVM prover package, enabling straightforward creation and integration of recent blockchains inside the AggLayer.
The New POL Token: What To Know?
The POL token, set to switch MATIC on a 1:1 foundation beginning September 4, 2024, will function the brand new gasoline price fee and staking token on the Polygon PoS blockchain. Polygon describes POL as a “third technology” crypto token, increasing the utility and enhancing validator incentives.
Key enhancements embody:
- Shared Safety: POL validators can safe a number of chains inside the AggLayer.
- Elevated Incentives: Validators can tackle extra roles, incomes rewards throughout numerous Polygon chains.
- Governance: POL holders could have governance rights over the Group Treasury, funding improvement and analysis initiatives.
Find out how to Migrate from MATIC to POL
For MATIC holders on the Polygon PoS chain, no motion is required—your tokens will robotically convert to POL on September 4, 2024. Nonetheless, these holding MATIC on Ethereum or Polygon zkEVM should use a migration contract to alternate their tokens. Some centralized exchanges will deal with this conversion robotically, but it surely’s smart to confirm this together with your alternate. For the Full Migration Information, you verify the one on the Polygon Official Web site.
The launch of the POL token signifies the start of a brand new period for Polygon, because it seeks to deal with blockchain fragmentation and improve person expertise inside the crypto area. By embracing the AggLayer imaginative and prescient, Polygon is positioning itself as a vital participant in the way forward for blockchain know-how.
