Categories: Blockchain

Polygon Confirms September 4 Migration of MATIC to POL, Here’s What to Expect

Polygon, the largest Ethereum scaling solution announced that MATIC token will migrate to POL on September 4. The new token will replace MATIC as a native gas and staking token for the Polygon Proof-of-Stake (PoS) network.

The Layer 2 project plans the migration in several phases, as the new token is expected to play a key role in the AggLayer. In an official blog, Polygon dropped the details of MATIC’s migration to POL on September 4. The migration will take place in different phases and eventually POL will play a key role in Polygon’s AggLayer project

AggLayer is instrumental in Polygon’s multi-chain ecosystem. The project connects different components within the Polygon network including the PoS chain that facilitates fast and cheap transactions for users.

The Layer 2 project says that MATIC holders on the Polygon PoS chain don’t need to take any action. Users holding MATIC on Ethereum, Polygon zero-knowledge rollup zkEVM and in centralized exchanges may have to migrate their assets.

MATIC broke out of its multi-month downtrend in July 2024. MATIC trades at $0.4134 at the time of writing. The Layer 2 scaling token is likely to extend gains by 20.90% and hit its target of $0.50. This is a key level for MATIC, it acted as key support for MATIC between July 2023 and August 2024.

Terron Gold