MATIC Holders Must Act Before POL Takes Over!
The post MATIC Holders Must Act Before POL Takes Over! appeared on BitcoinEthereumNews.com.
Polygon, the largest Ethereum scaling solution has announced a significant update for its network, marking the transition from MATIC to POL tokens as its native asset. Scheduled for September 4, this migration will replace MATIC with POL, playing a crucial role in the Polygon ecosystem, including its position within the AggLayer. MATIC to POL Migration Polygon, a leading blockchain platform, has confirmed that POL will serve as the new gas and staking token for the Polygon PoS (Proof-of-Stake) network, taking over from MATIC. This change aims to enhance the network’s functionality and support future developments within Polygon’s growing ecosystem. Polygon announced that the migration of MATIC to POL tokens will take place on September 4. POL replaces MATIC as the native gas and staking token of the Polygon PoS network and will play a key role in the AggLayer. MATIC holders on Ethereum, Polygon zkEVM, and CEX may need to… — Wu Blockchain (@WuBlockchain) August 19, 2024 MATIC holders across various platforms, including Ethereum, Polygon zkEVM, and centralized exchanges (CEX), will need to take steps to migrate their tokens to POL. However, they will receive new POL tokens on a 1:1 basis, keeping the total supply unchanged. The process is essential for continued participation in the network’s staking and transaction activities, aligning with the platform’s evolving infrastructure. It is expected to enhance the efficiency and scalability of Polygon’s operations. Role of POL in the AggLayer Introducing POL is not just a token swap but a strategic move to strengthen Polygon’s AggLayer, an integral component of the network’s scaling solutions. AggLayer aims to create a unified ecosystem of networks using the Polygon Chain Development Kit (CDK), avoiding the centralization and security risks linked with typical centralized bridges. Polygon stated that POL will play a “crucial role” in the multi-chain AggLayer ecosystem,…
Filed under: News - @ August 19, 2024 6:15 am