Polygon lately supplied extra particulars on the proposed migration of MATIC tokens to its new POL tokens. This varieties a part of Polygon’s plan to construct “aggregated blockchains” as its revolutionary strategy to scaling these networks.
All the things To Know About MATIC’s Migration To POL
Polygon revealed in a weblog publish that the mainnet improve from MATIC to POL is predicted to happen on September 4. Within the preliminary section of the improve, the POL token will change MATIC because the fuel and staking token of the Polygon PoS (proof-of-stake) community. In the meantime, relying on the group’s resolution, POL’s utility might lengthen to Polygon’s aggregation layer (AggLayer).
The community revealed {that a} testnet migration went reside on July seventeenth, indicating their preparedness to proceed with this historic improve. As a part of the improve, MATIC holders on Polygon PoS received’t required to do something, as POL will mechanically be upgraded to turn into the community’s utility token with out customers having to do something.
Nevertheless, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXs) might want to take motion in the event that they want to improve their MATIC tokens to POL. MATIC holders on Ethereum might be given a migration contract, which is already deployed to allow holders to improve from MATIC to POL permissionless.
MATIC holders who should not have the technical data to make use of these migration contracts can use a third-party decentralized trade (DEX) aggregator. These DEXs already built-in the migration contracts, so holders can simply swap their MATIC tokens for POL tokens.
MATIC holders on Polygon zkEVM within the improve might bridge their MATIC tokens from zkEVM to Ethereum after which use the migration contracts to replace their MATIC tokens to POL. Alternatively, they’ll use a zkEVM DEX or DEX aggregator to swap their MATIC tokens to POL.
Polygon famous that MATIC holders on CEXs would possibly must evaluate the steering supplied by their explicit trade to know how you can migrate from MATIC to POL. Nevertheless, they added that the majority main exchanges will seemingly mechanically help customers with this improve.
Selling Blockchain Interoperability And Scaling Ethereum
The POL improve varieties a part of Polygon’s massive plan to advertise blockchain interoperability and additional scale the Ethereum community. In the long term, POL is predicted to turn into the native token of Polygon’s AggLayer, which is solely a community of zero-knowledge (ZK) powered layer-2 chains.
These chains can have entry to shared liquidity, customers, and state throughout all networks on the AggLayer. That is the place POL is available in, as customers on any of those chains on the AggLayer will not must bridge tokens and ship a wrapped model since they’ll simply ship the native POL token throughout these chains.
From an Ethereum perspective, chains on the AggLayer are taken as a single rollup. As such, Ethereum holders can simply transfer their ETH tokens throughout these chains whereas maximizing probably the most of every chain.
Featured picture created with Dall.E, chart from Tradingview.com