YEREVAN (CoinChapter.com) — Polygon has confirmed that the token migration from MATIC to POL will begin on September 4. The announcement on July 18 acknowledged that POL would change MATIC because the native fuel and staking token for the Polygon PoS community. The testnet migrations started on July 17.
Polygon shared,
“After reaching vibrant community consensus, today the date has been announced for the MATIC to POL upgrade on Polygon. Mark your calendars, tattoo it backwards on your forehead, set your sundials. It’s almost here.”
Handbook Migration Wanted for Some MATIC Holders, Others Auto-Migrated
MATIC holders on the Ethereum and Polygon zkEVM networks or on centralized exchanges may have to migrate their tokens to POL manually. This replace ensures customers keep knowledgeable about crucial actions to keep away from disruptions.
MATIC holders on the Polygon PoS chain, MATIC stakers, and MATIC governance delegates don’t have to take any motion. The migration will happen routinely for them.
POL Token Central to Polygon’s AggLayer Ecosystem
Polygon launched the POL token in July 2023 as a part of its Polygon 2.0 overhaul, now known as AggLayer. The POL token contract went dwell on Ethereum final October.
POL will play a vital position inside Polygon’s multi-chain AggLayer ecosystem. Polygon states,
“POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself.”
AggLayer Launch Unifies Polygon Ecosystem with Enhanced Safety
Polygon is present process adjustments with the launch of AggLayer in early February. AggLayer goals to create a unified ecosystem of networks utilizing the Polygon Chain Improvement Equipment (CDK), lowering centralization and safety dangers related to conventional bridges.
Polygon defined,
“Each chain will have a local copy of the unified bridge root, enabling cross-chain transactions that don’t require withdrawing to Ethereum or the security risks of third-party bridges. Not only can users transfer assets between chains (bridge), but they can also trigger contracts on a different chain after the asset has arrived (call)… within a single transaction.”
Astar zkEVM grew to become the second community to assist AggLayer in March. OKX’s X-Layer L2 joined in April, and The Open Community (TON) introduced in early July that it will develop a Layer 2 community leveraging Polygon’s CDK and AggLayer.
MATIC Worth Surges 6.8% Forward of POL Migration
MATIC’s price has surged by 6.8% over the previous seven days, in accordance with The Defiant’s crypto price feeds. This enhance displays rising investor confidence because the token migration date approaches.
Polygon’s AggLayer overhaul is about to broaden the utility of POL. The token will energy the forthcoming Staking Hub, anticipated to launch subsequent yr. POL will improve Polygon’s ecosystem, making it extra strong and interconnected.