Ethereum's scaling solution Polygon announced a proposal in June last year to upgrade its original mainchain, Polygon PoS, to zkEVM Validium. The following month, Polygon proposed a major update toward its 2.0 roadmap, suggesting the upgrade of its native token MATIC to POL to support ecosystem protocols like Polygon PoS, Polygon Supernets, and Polygon zkEVM.
Polygon Community Approves MATIC Upgrade to POL
Yesterday evening, Polygon officially announced on social platform X that the community had approved the proposal to upgrade MATIC to POL, with the upgrade scheduled to launch on the mainnet on September 4.
Polygon also clarified that the testnet upgrade was initiated on July 17 to identify and resolve potential issues.
Key reminders for token holders:
- Polygon PoS users holding MATIC do not need to take any action.
- Ethereum, Polygon zkEVM, and exchange users, including stakers, delegators, and LST holders, may need to manually upgrade MATIC to POL. Refer to Polygon’s official announcement for specific steps.
What Are the Use Cases of POL?
Polygon stated earlier this month that POL will serve as the next-generation native and governance token, designed to secure, coordinate, and expand the Polygon ecosystem. Its utility will cover all Polygon protocols, including Polygon PoS, zkEVM, and Supernets:
- Scalability: Enables protocol participants (validators) to scale across thousands of Polygon chains without compromising security.
- Redesigned Protocol: Offers infinite scalability while ensuring frictionless interoperability.
- Staking Rewards: Staking POL will yield three types of rewards—protocol incentives, transaction fees, and additional bonuses.
Validators will also see key changes:
- Can validate multiple chains simultaneously.
- Can assume multiple roles (e.g., generating ZK-proofs, participating in Data Availability committees) per chain.
Polygon emphasized that in the initial phase, POL will replace MATIC as the native gas and staking token for Polygon PoS. Later, it will play a pivotal role in AggLayer, Polygon 2.0’s cross-chain interoperability component.
MATIC’s 24-Hour Price Drops 5.94%
Despite the upgrade announcement, MATIC’s price dropped 5.94% in the past 24 hours, mirroring Bitcoin’s downtrend. At press time, it was trading at $0.514.
Additionally, MATIC faced regulatory scrutiny from the U.S. SEC in June 2023, where it was classified as a security, triggering a price crash. While Polygon clarified that its development and deployment occurred outside the U.S., whether POL can evade similar regulatory pressures remains uncertain.
👉 Learn more about Polygon’s latest developments
Frequently Asked Questions (FAQs)
1. Will MATIC holders lose their tokens after the upgrade?
No, MATIC will remain functional until fully phased out. Users can upgrade at their convenience.
2. Is POL a completely new token?
Yes, POL introduces enhanced utility and governance features, replacing MATIC gradually.
3. How does POL improve Polygon’s scalability?
By allowing validators to secure multiple chains and adopt diverse roles, POL supports exponential chain growth without sacrificing security.
4. Where can I stake POL?
Details will be announced post-upgrade, likely via Polygon’s official staking dashboard.
5. Will POL face SEC regulatory challenges?
Unclear, but Polygon’s global operations may mitigate direct U.S. jurisdiction risks.