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News - Polygon plans token conversion on Sept. 4
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19-07-20241 min read
Polygon plans token conversion on Sept. 4
The long-awaited Polygon token conversion is coming. Action is required for some MATIC holders.
The Ethereum sidechain is planning the completion of its next Mainnet update on Sept. 4 this year. They let this be known via an announcement on X. At the same time, the conversion of the current token, MATIC, to POL will take place. POL will serve as a multi-purpose token in the future.
SAVE THE DATE: MATIC → POL
— Polygon Foundation (@0xPolygonFdn) July 18, 2024
After community consensus, the long-awaited upgrade is set for September 4th
• Initial phase: POL replaces MATIC as the native gas and staking token for Polygon PoS
• Subsequent phases: POL will serve a crucial role in the AggLayer
More details🧵 pic.twitter.com/SyxsFAlOeZ
It allows users to use the token in various blockchain networks within the Polygon ecosystem. In particular, this includes use in Polygon PoS, zkEVM and the Supernets. In addition, POL replaces MATIC as the primary token for paying gas fees and for staking. Users may need to take their own action to complete the conversion, depending on the situation. This affects holders of MATIC on the Ethereum or zkEVM network.
When all is said and done, Ethereum users of MATIC must interact with a specific smart contract to complete the transaction. ZkEVM users must first bridge to Ethereum. More details can be found here. Holders of MATIC on the Polygon PoS network do not need to take any action themselves.
