The Polygon Foundation says that the POL token will replace the MATIC token as the main token for financing and betting in its proof-of-stake (PoS) system. This is a significant shift. This move will begin on September 4, according to a message on X.
The new POL token will play a significant part in Polygon’s AggLayer, a growing line of blockchains that are linked together. The Polygon stake hub will be out in 2025, and POL will be able to do a number of things with it in the future. To do these things, you will need to make blocks, zero-knowledge proofs, and join Data Availability Committees (DACs).
Polygon Upgrades to POL
On the Polygon network, people with MATIC tokens don’t need to do anything; their tokens will be changed to POL right away. People who own tokens on Ethereum, Polygon zkEVM, or controlled markets, on the other hand, will need to bridge their tokens, change their smart contracts, or use a migration contract. The POL coin was added to the Polygon testnet on July 17.
This gives coders and infrastructure providers time to get used to it before the mainnet upgrade.
It is expected that most of the significant centralized exchanges will be able to handle this upgrade right away.
If you don’t keep your coins in a bank, users should make sure that the Remote Procedure Call (RPC) settings in your crypto wallet, such as MetaMask, are up to date.
If they don’t, “MATIC” will appear instead of “POL.” The people who use Ethereum and Polygon zkEVM MATIC haven’t picked a date for the move yet. But this time, they can choose the date.
It is meant to be the “Value Layer of the Internet,” and this is an important part of making it. In this game, people with POL start out with 10 billion points. Two percent of all POL will be given to the community fund and validator awards every year.
