Polygon Labs Initiates Major Token Upgrade with POL Launch

Polygon Labs, the core developer of the Polygon layer-2 network, announced a significant upgrade set to transform its ecosystem. Starting September 4th, the firm will begin replacing its MATIC token with the new POL token. This transition is a key element of the “Polygon 2.0” roadmap, introduced last year and first proposed to the community in July 2023.

The technical upgrade will position POL as the primary gas and staking token for Polygon’s main proof-of-stake (PoS) chain. Additionally, POL will eventually secure other blockchains within Polygon’s expanded “aggregated” network, including the AggLayer.

Benefits of POL Token

Polygon Labs emphasized the advantages of the POL token in a recent blog post. “POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself,” they stated. This upgrade aims to enhance the utility and efficiency of the entire Polygon ecosystem.

For MATIC holders on the Polygon PoS chain, the upgrade will be seamless. Their tokens will automatically convert to POL, requiring no action on their part. However, users of MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain will need to follow specific steps outlined by Polygon to complete the transition.

As part of the migration process, Polygon conducted a test on July 17th in a test network environment. This step was crucial to identify and resolve any potential issues before POL goes live on the mainnet. This careful approach ensures a smooth and secure transition for all users.

The upgrade aligns with Polygon’s broader vision of creating a more integrated and efficient blockchain network. By introducing POL, Polygon Labs aims to enhance the scalability and functionality of its platform, offering improved services to its users and developers.

The introduction of POL is a pivotal moment in Polygon’s evolution. With the successful implementation of this upgrade, Polygon is poised to strengthen its position in the blockchain space. The new token is expected to unlock greater potential for innovation and growth within the Polygon network.

Polygon Labs continues to lead the way in developing advanced blockchain solutions, ensuring that its community benefits from cutting-edge technology and robust infrastructure. The transition to POL marks the beginning of an exciting new chapter for Polygon and its users.