Ethereum layer-2 network Polygon said it would upgrade its native MATIC token to the POL token on Sept. 4, according to a July 18 statement shared with CryptoSlate.
In the first phase of this upgrade, POL will replace MATIC as the native gas and staking token for the Polygon proof-of-stake chain.
The Polygon team assured users that MATIC holders on the Polygon PoS chain do not need to take any action regarding this upgrade, as their tokens will automatically convert to POL. MATIC tokens on this chain account for 14% of its supply.
Additionally, MATIC tokens in staking contracts on Ethereum, representing 37% of its supply, will convert to POL automatically.
Meanwhile, Polygon’s blog post provided detailed steps for those using MATIC on Polygon’s zkEVM rollup, centralized exchanges, or the Ethereum blockchain.
There are no immediate deadlines for MATIC holders on Ethereum and Polygon zkEVM to upgrade to POL. However, the community will have the authority to set a deadline in the fu
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