On September 4th, 2024, Polygon will undergo a significant upgrade, transitioning from its current native token, MATIC, to a new token, POL.
This change is part of Polygon’s broader vision, known as “Polygon 2.0” or the “AggLayer.”
Key Points
It aims to evolve Polygon from a single PoS network into an expansive ecosystem of interconnected blockchains powered by zero-knowledge (ZK) technology. Here are some details:
- Migration Date: September 4th, 2024.
- Conversion Ratio: 1 MATIC = 1 POL.
- Total Supply: 10 billion (same as MATIC)
- Annual Emission Rate: 1% for staking rewards + 1% for community treasury
- Migration Link.
Source: X
Understanding the AggLayer
The AggLayer is Polygon’s vision for a horizontally scalable multichain network that enables:
- Shared liquidity and state across connected chains.
- Near-instant cross-chain transactions.
- A single bridge to Ethereum L1 for all connected chains.
- Easy creation of new L1 and L2 chains using the Polygon Chain Development Kit (CDK).
- Conversion of existing EVM chains to ZK L2s using the Polygon zkEVM prover kit.
POL Token Features
- Shared Security: POL validators can secure multiple chains within the AggLayer.
- Increased Incentives: Validators can take on additional roles, earning rewards across various Polygon chains.
- Expanded Validator Roles: Validators can generate ZK proofs and participate in data availability committees.
- Community Treasury: Continuous POL emission will fund development, research, grants, and adoption incentives.
- Governance: POL holders will have governance rights over the Community Treasury.
Source: X
Migration Process
- For MATIC holders on Polygon PoS:
- No action required
- Tokens will automatically convert to POL on September 4th, 2024
For MATIC holders on Ethereum or Polygon zkEVM
- Must use a migration contract to exchange tokens
- There is no immediate deadline, but the community may establish one in the future
- Use the link.
Use the link provided in the official announcement. Be cautious of third-party services claiming to assist with migration. Use official channels only.
DON’T click on links provided by Polygon’s official channel, either, at least on the first day. Official accounts can be hacked, draining your wallet. Wait for 24 hours and confirm on Twitter, Telegram, and Discord. Don’t worry; we will do that for you and give you the migration contract link.
The Ethereum – Polygon (MATIC on ETH chain) migration link is out already. Other ecosystems will open soon. There is no need to rush though.
For Centralized Exchange Users
- Most exchanges will handle the conversion automatically.
- Please verify with your specific exchange for their process.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
