Polygon Set for Major Mainnet Upgrade on September 4, 2024

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As a seasoned analyst with extensive experience in blockchain technology and token economics, I find Polygon’s upcoming mainnet upgrade from MATIC to POL to be a noteworthy development. Having closely monitored the Polygon ecosystem for quite some time, I am excited about this transition that aims to enhance the network’s functionalities.

On September 4, 2024, Polygon is set for a major upgrade of its mainnet. During this update, the native token will be switched from MATIC to a new one called POL. This change comes as a result of community endorsement and is intended to bolster the network’s capabilities.

Announcement: Mark Calendar for September 4th UpgradeIn accordance with the collective decision of our community, the highly anticipated upgrade is slated for September 4thFirstly, during the initial stage, MATIC will be superseded by POL as the native fuel and staking token for Polygon Proof-of-StakeLater on, POL will assume a pivotal role in our Aggregation Layer. Further information to follow. Stay tuned!— Polygon Foundation (@0xPolygonFdn) July 18, 2024

POL to Replace MATIC for Fees and Staking

After the upgrade is finished, Polygon’s native token, POL, will replace Matic as the principal token for gas fees and staking in the Polygon network. Initially, POL will keep Matic’s existing token economics, such as distribution and total supply, to guarantee a seamless transition for both users and developers.

Moving forward, the upcoming stages could bring enhanced features to POL, specifically focusing on the AggLayer. The implementation of these advancements will be contingent upon community engagement and collaboration. Previously, a testnet migration on July 17 helped us detect and resolve preliminary concerns prior to the mainnet modification.

Migration Procedures for MATIC Holders

For individuals currently holding MATIC tokens on the Polygon Proof of Stake (PoS) network, the shift to the new token symbol, POL, will occur automatically without any necessary actions from users. In contrast, those with MATIC tokens residing on Ethereum, the Polygon zkEVM, or centralized exchanges need to follow designated procedures provided by the core developers for a smooth transition to the new POL token.

For individuals who have delegated their MATIC tokens on Ethereum for development or staking purposes, an automatic conversion to POL tokens will occur. This transformation comes with the flexibility to decline this change if preferred. The migration process encompasses significant adjustments throughout decentralized finance platforms, decentralized applications, and underlying infrastructure to accommodate the new POL token.

Polygon 2.0 and Future Developments

Polygon presently employs two scaling methods: the Polygon Proof of Stake (PoS) sidechain and the Polygon zkEVM zero-knowledge rollup network. In the near future, Polygon intends to launch Polygon 2.0, with the objective of establishing a unified liquidity infrastructure. This infrastructure will boost interoperability and shared state capabilities across several ZK-Rollup networks.

In the latest configuration, the AggLayer will serve as a bridge between Polygon 2.0’s chains and transfer ZK-security proofs for verification on Ethereum. Simultaneously, Polygon has unveiled the “zkPoS Phase 1” proposition to align Polygon Proof of Stake (PoS) with the AggLayer. This initiative is a key step towards transforming Polygon PoS into a zkEVM Validium.

The forthcoming Polygon mainnet update signifies a momentous achievement for Polygon. This transition to POL aims to boost the network’s productivity and versatility. With the backing of the community and meticulous preparation, Polygon is primed to carry on its progression and broaden its horizons in the blockchain industry.

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2024-07-19 01:09