Polygon lately offered extra particulars on the proposed migration of MATIC tokens to its new POL tokens. This types a part of Polygon’s plan to construct “aggregated blockchains” as its revolutionary strategy to scaling these networks.
Every thing To Know About MATIC’s Migration To POL
Polygon revealed in a weblog submit that the mainnet improve from MATIC to POL is predicted to happen on September 4. Within the preliminary part of the improve, the POL token will exchange MATIC because the fuel and staking token of the Polygon PoS (proof-of-stake) community. In the meantime, relying on the neighborhood’s choice, POL’s utility might lengthen to Polygon’s aggregation layer (AggLayer).
The community revealed {that a} testnet migration went stay 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 change into the community’s utility token with out customers having to do something.
Nonetheless, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXs) might want to take motion in the event that they need to improve their MATIC tokens to POL. MATIC holders on Ethereum will probably be given a migration contract, which is already deployed to allow holders to improve from MATIC to POL permissionless.
MATIC holders who shouldn’t have the technical information to make use of these migration contracts can use a third-party decentralized change (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 will use a zkEVM DEX or DEX aggregator to swap their MATIC tokens to POL.
Polygon famous that MATIC holders on CEXs may must evaluate the steering offered by their explicit change to know how one can migrate from MATIC to POL. Nonetheless, they added that the majority main exchanges will doubtless mechanically help customers with this improve.
Selling Blockchain Interoperability And Scaling Ethereum
The POL improve types a part of Polygon’s huge plan to advertise blockchain interoperability and additional scale the Ethereum community. In the long term, POL is predicted to change 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 now not must bridge tokens and ship a wrapped model since they will simply ship the native POL token throughout these chains.
From an Ethereum standpoint, 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.
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