Polygon Labs pronounces Ethereum Layer 2 blockchain PolygonThe technical improve from MATIC to POL will go reside on September 4, 2024.
Polygons (Diplomat) fell in value amid the information, though this decline additionally mirrored adverse strain throughout different cryptocurrencies as effectively.
Conversion from MATIC to POL
Polygon’s transition from MATIC to POL is an improve that was first revealed in July final 12 months and delivered to group governance by way of PIP-17 in September.
On this proposal, the principle concept is to exchange MATIC with a brand new token that will probably be used for fuel and staking. This upcoming improve is a step that’s taken after the POL ERC-20 contract implementation in October 2023.
Polygon Labs formally introduced the improve to POL on Thursday, stating that POL will change MATIC within the preliminary section. Within the later levels of the improve, POL will undertake extra community performance, together with AggLayer.
Agglare is a decentralized protocol with a typical bridge and ZK-powered mechanism, designed to unravel blockchain fragmentation points via sovereign chains and shared liquidity.
“However even when the general Polygon community emerges, POL could have fast use on the broadly adopted Polygon proof-of-stake (PoS) community that exists at this time: POL would be the native fuel and staking token of Polygon PoS — and elementary to Polygon community safety,” Polygon Labs wrote in an article. blog postTea.
What does this imply for MATIC holders?
In keeping with Polygon Labs, those that maintain MATIC on the Polygon PoS chain don’t have to do something, because the improve from MATIC to POL will probably be automated.
Nonetheless, holders who maintain their MATIC tokens on different chains and platforms might have to take some motion. These different chains embody Ethereum and Polygon zkEVM in addition to centralized exchanges (CEX).
On this case, when the improve date arrives, these prepared emigrate MATIC to POL might want to use the migration contract.
