Polygon is tailoring itself for a new-look token on September 4th, with the decentralised network validating strategies to shift far from its veteran native cryptocurrency, MATIC. The upgrade proposition was gone by the neighborhood after being slated over 12 months back.
Polygon’s relocation comes as part of the group’s choice to change the procedure into an aggregated blockchain– Polygon 2.0. This brand-new vision will concentrate on utilizing designer skill from throughout various networks, boosting blockchain interoperability.
Polygon’s article put it finest: “a brand-new instructions … needed an updated token.”
Related: Polygon Labs Launches Plonky3 for Advanced, Open-Source ZK Development
POL to Replace MATIC for Validators
On September 4th, POL will take control of all the fundamental performances of the present MATIC token for Polygon users. This consists of daily jobs such as staking, paying gas costs and ballot in governance propositions.
Moving forward, the Polygon advancement group are eager to make sure POL stays “future-proof” by carrying out additional upgrades. Their very first focus will likely be on enhancing AggLayer performance (a Polygon procedure that integrates different chains into the network into one smooth community).
Furthermore, the hope is that POL can be utilized to communicate with a 2025 staking center and assistance holders take part in Data Availability Committees (DACs).
CONSERVE THE DATE: MATIC → POL
After neighborhood agreement, the long-awaited upgrade is set for September 4th
– Initial stage: POL changes MATIC as the native gas and staking token for Polygon PoS
– Subsequent stages: POL will serve a vital function in the AggLayer
More information pic.twitter.com/SyxsFAlOeZ
— Polygon Foundation (@ 0xPolygonFdn) July 18, 2024 MATIC Tokens on Polygon Will Automatically Upgrade
MATIC owners will not require to tension about their tokens. Those who presently hold MATIC within the Polygon environment will not need to do a single thing– the shift will happen immediately. When you go to sleep on September the 3rd, you’ll get up with a comparable variety of POL tokens in your wallet or dApp.
Those who own the ERC-20 variation of MATIC, or additionally, hold the tokens in a centralised exchange, might need to put in a little effort to finish the shift. Eth variations of MATIC can be updated through a “Migration Contract”, while other token requirements might need bridging to the Ethereum network before they can be changed.
Related: Worldcoin Plummets as Dogwifhat, Mantle Rally, Here’s Which Coins Are on The Move
The marketplace didn’t respond highly to the news, with the cost of MATIC falling almost 5% over the previous 24 hours,
2018, BidPixels