Polygon Labs MATIC to POL migration set for September 4th
The post Polygon Labs MATIC to POL migration set for September 4th appeared on BitcoinEthereumNews.com.
Polygon Labs announced a significant commitment to switch its network’s native gas and staking token from MATIC to POL. Polygon said the transition will occur in stages, with POL first becoming the native staking token and gas for the Polygon PoS network on September 4. Polygon emphasized that the community-driven MATIC to POL migration will be critical in the AggLayer aggregated blockchain network. Extensive discussions and proposals initiated by PIP-17 in 2023 resulted in the decision to “upgrade” the native token in line with Polygon’s vision, declared Polygon. Polygon Labs commits to native token ‘upgrade’ 420 hours until the MATIC to POL migration on Sep 4 🤫 https://t.co/PLJe0AOh0w — Polygon | Aggregated (@0xPolygon) August 18, 2024 According to Polygon, the transition from MATIC to POL was designed to enhance the native token’s utility and make it the cornerstone of Polygon’s expanding ecosystem. Polygon Labs insisted that the POL token will support the network’s growth and security, facilitating cross-chain services. Polygon asserted that while the transition will have an immediate impact on the Polygon PoS network, the long-term plan involved expanding POL’s role in the Polygon staking hub (to be released in 2025), especially in block generation, participation in DACs (data availability committees), and zero-knowledge proof generation. Polygon Labs disclosed that the first step towards achieving POL’s community-driven vision was in October last year when the POL ERC-20 contracts went live on Ethereum. Polygon also confirmed that it had performed a successful testnet migration in July 2024. The aspiring multi-chain ecosystem also revealed that the PIP-42 consensus required Polygon PoS validators to stake POL to earn protocol rewards and transactional fees in POL. Polygon Labs encouraged its users, developers, and community members to review all the information provided and make the necessary arrangements to ensure a smooth transition to the upcoming POL…
Filed under: News - @ August 19, 2024 11:23 am