Polygon’s Major Token Migration: MATIC to POL Transfer Set for September 4

YEREVAN (CoinChapter.com) — Polygon has confirmed that the token migration from MATIC to POL will start on September 4. The announcement on July 18 stated that POL would replace MATIC as the native gas and staking token for the Polygon PoS network. The testnet migrations began 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.”

Manual Migration Needed for Some MATIC Holders, Others Auto-Migrated

MATIC holders on the Ethereum and Polygon zkEVM networks or on centralized exchanges might need to migrate their tokens to POL manually. This update ensures users stay informed about necessary actions to avoid disruptions.

MATIC holders on the Polygon PoS chain, MATIC stakers, and MATIC governance delegates do not need to take any action. The migration will occur automatically for them.

POL Token Central to Polygon’s AggLayer Ecosystem

Polygon introduced the POL token in July 2023 as part of its Polygon 2.0 overhaul, now called AggLayer. The POL token contract went live on Ethereum last October.

POL will play a crucial role within 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 Security

Polygon is undergoing changes with the launch of AggLayer in early February. AggLayer aims to create a unified ecosystem of networks using the Polygon Chain Development Kit (CDK), reducing centralization and security risks associated with traditional bridges.

Polygon explained,

“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 became the second network to support AggLayer in March. OKX’s X-Layer L2 joined in April, and The Open Network (TON) announced in early July that it would develop a Layer 2 network leveraging Polygon’s CDK and AggLayer.

MATIC Price Surges 6.8% Ahead of POL Migration

MATIC’s price has surged by 6.8% over the past seven days, according to The Defiant’s crypto price feeds. This increase reflects growing investor confidence as the token migration date approaches.

Polygon’s AggLayer overhaul is set to expand the utility of POL. The token will power the forthcoming Staking Hub, expected to launch next year. POL will enhance Polygon’s ecosystem, making it more robust and interconnected.

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