Polygon Labs, the driving force behind the layer-2 network Polygon (MATIC-USD), has set the wheels in motion for a significant upgrade slated for September 4. This move, as part of Polygon’s broader “Polygon 2.0” roadmap, marks a pivotal shift from the MATIC token to their new flagship POL token.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Why the Change?
Polygon’s roadmap, laid out last year, outlines the shift to POL as a means to simplify and streamline operations across all Polygon networks. Polygon Labs emphasized in a recent blog post, “POL is a hyperproductive token that can be used to offer valuable services to any chain in the Polygon network, including the AggLayer.”
The Techie Stuff
So, what’s actually happening? Well, they’re doing a big tech upgrade. They pitched this idea to the community back in July 2023, and now they’re making it happen. POL is stepping in as the main gas and staking token for Polygon’s main proof-of-stake chain, Polygon PoS. Plus, down the road, POL will step up to secure even more blockchains in Polygon’s big “aggregated” network.
According to Polygon Labs, “Switching to POL is all about making things run smoother and faster, making sure all these different blockchains work together seamlessly.”
What Does It Mean for You?
If you’ve got MATIC on Polygon PoS, no sweat—your tokens will automatically turn into POL. But if you’re using MATIC on other setups like Polygon’s zkEVM rollup or on exchanges, you’ll need to follow Polygon’s steps to make the switch.
They did some serious testing on July 17 to make sure everything’s good to go when POL goes live on September 4.
What Is MATIC’s Price?
At the time of writing, MATIC is sitting at $0.5173.
What’s Next?
In a nutshell, Polygon’s leap to the POL token isn’t just a facelift—it’s a turbocharge. By ditching MATIC for POL, Polygon’s not only streamlining operations but also supercharging scalability and user experience across its blockchain realms.
