Developers at Polygon have scheduled September 4 as the day to move the MATIC token to the POL swap officially. This was announced by an official X blog post by the company’s co-founder, Sandeep Nailwal, on July 18. This migration has been the company’s major plan for a long time, but it has been announced after so many expectations.
The Polygon CEO wrote on his X handle that the online community has asked him many times about the exact date the migration will happen, and he is glad it is finally happening. During the protocol upgrade, developers at Polygon are working on including a transition feature from the recent MATIC token to the newest POL token.
In its recent statement on the development, the company management says that the swap is part of its major move to make Polygon the “network of all networks.” The planned upgrade kicked off its test network phase on July 17 to identify and uncover possible bugs, malfunctions, and other vulnerabilities in the system.
Polygon Labs Dubbed POL a Third Generation Token, Acknowledge Others
This test, tagged as the “low-stakes test,” is expected to make the upgrading process go both ways on the major network where the main users and assets can be found. Polygon Labs is also working on introducing the Polygon 2.0 system, which aims to create a joint liquid framework that improves the synergy and shares data across the multiple ZK-Rollup systems.
The team at Polygon Labs has named this token the “third generation token” while naming Bitcoin and Ethereum the first and second generation, respectively. POL is expected to serve as a native staking asset and the native gas for the Polygon’s Proof of Stake (PoS) blockchain after the upgrade on September 4.
This will be in addition to the chains of validating systems in its many network setups. The new POL is expected to let holders become validators on the Polygon chains while using MATIC to deprecate part of the upgrade.
Deadline for Swap Not Insight: Company Says Community Will Decide
The official announcement today shows that MATIC holders and users on the Polygon’s proof-of-stake (PoS) blockchain will upgrade their tokens, but they won’t have to perform any action from their end. The descriptive analogy from the statement says users may have to perform a simple remote procedure termed the “setting update” in their wallets to ensure the tokens are marked as “POL.”
MATIC holders on Ethereum’s zkEVM platform or any centralized exchanges may be required to take action for the MATIC -POL upgrade. To perform the migration from Ethereum, users should send their tokens to the contract. They might also use the Decentralized Exchanges (DEXs) or its aggregators.
As of press time, there has not been an official deadline for the swap. Some industry analysts have speculated it will last four years, but an official announcement has yet to be made. The official announcement stated that the Polygon community could decide on a deadline at a later date.
MATIC Users Advised to Stick the Information By Their Exchanges
All MATIC stored on the centralized exchanges will be sorted out sequentially, and users are expected to rely on the information displayed on their different exchanges for appropriate information on the process. The announcement also suggested that users are expected to refrain from performing any action while on the main centralized cryptocurrency exchanges.
Holders using the zkEVMs are expected to bridge their holdings to the Ethereum blockchain and use the Decentralized Exchanges (DEXs) method or a zkEVM DEX aggregator. Polygon Labs has also introduced the “zkPoS Phase 1,” a feature designed to connect the Polygon Proof of Stake (PoS) with the AggLayer.
This is part of the company’s move to seamlessly move the Polygon PoS to a zkEVM Validium. Explaining the setup, the management of Polygon Labs explained that the company would be introducing AggLayer, which is expected to connect the Polygon 2.0 chains and connect the ZK-based security proofs back on the Ethereum platform to protect them simultaneously.