Polygon is set for a significant mainnet upgrade on September 4, 2024, transitioning from its native token, MATIC, to a new token called POL, following community approval of the proposal. This upgrade will introduce new smart contracts and replace MATIC as the primary token for gas fees and staking within the network during the initial phase. The new POL token is expected to maintain MATIC’s existing tokenomics, distribution, and total supply.
Subsequent phases might expand POL’s functionalities, especially within the AggLayer, depending on community input. This move follows a testnet migration released on July 17, aimed at identifying and resolving potential issues before the mainnet transition.
For current MATIC holders on the Polygon PoS network, the transition to POL will occur automatically, requiring no user intervention. However, those with MATIC on Ethereum, the Polygon zkEVM, or various centralized exchanges will need to follow specific migration procedures outlined by the core developers to ensure a smooth transition to POL. Developers and stakers who have delegated their MATIC on Ethereum will have their tokens automatically converted to POL, with an option to opt-out if desired.
As part of the migration, decentralized finance protocols, decentralized applications, and infrastructure will be updated to accommodate the new POL token. Polygon currently employs two scaling solutions: a sidechain named Polygon PoS and a zero-knowledge rollup network known as Polygon zkEVM.
The project plans to soon deploy the Polygon 2.0 architecture, aiming to create a unified liquidity framework that enhances interoperability and shared state functionalities across multiple ZK-Rollup chains. In this setup, the AggLayer is expected to link the Polygon 2.0 chains and settle ZK-based security proofs back on Ethereum, ensuring their security.
Additionally, Polygon recently introduced the “zkPoS Phase 1” proposal, designed to link Polygon PoS with the AggLayer. This strategy is part of the transition of Polygon PoS into a zkEVM Validium, further enhancing the network’s capabilities and security.