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On September 4, 2024, Polygon is set to introduce its new native token, POL, marking a significant shift from the existing <a href="https://cryptoticker.io/en/token/MATIC" rel="noopener noreferrer nofollow">MATIC token</a>. This upgrade is part of Polygon's broader strategy to evolve from a single <a href="https://www.investopedia.com/terms/p/proof-stake-pos.asp#:~:text=Proof%2Dof%2Dstake%20is%20a,and%20keeping%20the%20database%20secure." rel="noopener noreferrer nofollow">proof-of-stake (PoS) network</a> into an expansive ecosystem of blockchains powered by <a href="https://www.investopedia.com/terms/z/zksnark.asp" rel="noopener noreferrer nofollow">zero-knowledge (ZK) technology</a>. This article breaks down everything you need to know about this MATIC to POL migration and what it means for the future of Polygon.
<h2 id="strong-polygon-s-ambitious-evolution-the-agglayer-strong">Polygon's Ambitious Evolution: The AggLayer</h2>
Polygon is widely recognized as a fast and cost-effective <a href="https://ethereum.org/en/developers/docs/scaling/sidechains/#:~:text=A%20sidechain%20is%20a%20separate,for%20efficient%20processing%20of%20transactions." rel="noopener noreferrer nofollow">Ethereum (ETH) sidechain</a>, but its journey began in 2017 with the launch of the <a href="https://polygonscan.com/" rel="noopener noreferrer nofollow">Matic Network</a> by <a href="https://twitter.com/jdkanani?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" rel="noopener noreferrer nofollow">Jaynti Kanani</a> and <a href="https://twitter.com/sandeepnailwal?lang=en" rel="noopener noreferrer nofollow">Sandeep Nailwal</a>. After rebranding to Polygon in 2021, the platform positioned itself as a leading Ethereum scaling solution. Now, Polygon is poised to take a giant leap forward with the introduction of <a href="https://coinmarketcap.com/community/articles/66cb4a9c318eeb114e2b7ea5/#:~:text=AggLayer%2C%20short%20for%20Aggregation%20Layer,without%20compromising%20speed%20or%20security." rel="noopener noreferrer nofollow">the AggLayer</a>, a scalable multichain network designed to unify and secure numerous ZK-powered blockchains.
The AggLayer will allow seamless cross-chain transactions and connect directly to Ethereum L1 via a single bridge, simplifying the ecosystem. Developers will benefit from tools like the Polygon Chain Development Kit (CDK) and zkEVM prover kit, enabling easy creation and integration of new blockchains within the AggLayer.
<h2 id="strong-the-new-pol-token-what-to-know-strong">The New POL Token: What To Know?</h2>
The POL token, set to replace MATIC on a 1:1 basis <a href="https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know" rel="noopener noreferrer nofollow">starting September 4, 2024</a>, will serve as the new gas fee payment and staking token on the Polygon PoS blockchain. Polygon describes POL as a "third generation" crypto token, expanding the utility and enhancing validator incentives.
<a href="https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know" rel="noopener noreferrer nofollow"><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/MATIC_to_POL_Announcement_24a88f197a.png" alt="MATIC to POL Announcement"></a>
Key improvements include:
<ul>
 <li>Shared Security: POL validators can secure multiple chains within the AggLayer.</li>
 <li>Increased Incentives: Validators can take on additional roles, earning rewards across various Polygon chains.</li>
 <li>Governance: POL holders will have governance rights over the Community Treasury, funding development and research initiatives.</li>
</ul>
<h2 id="strong-how-to-migrate-from-matic-to-pol-strong">How to Migrate from MATIC to POL</h2>
For MATIC holders on the Polygon PoS chain, no action is required—your tokens will automatically convert to POL on September 4, 2024. However, those holding MATIC on Ethereum or Polygon zkEVM must use a migration contract to exchange their tokens. Some centralized exchanges will handle this conversion automatically, but it's wise to verify this with your exchange. For the <a href="https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know" rel="noopener noreferrer nofollow">Full Migration Guide</a>, you check the one on the <a href="https://polygon.technology/" rel="noopener noreferrer nofollow">Polygon Official Website</a>.
<a href="https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know" rel="noopener noreferrer nofollow"><img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/MATIC_to_POL_Migration_Details_a8541a6254.png" alt="MATIC to POL Migration Details"></a>
The launch of the POL token signifies the beginning of a new era for Polygon, as it seeks to address blockchain fragmentation and enhance user experience within the crypto space. By embracing the AggLayer vision, Polygon is positioning itself as a critical player in the future of blockchain technology.

How to Migrate from MATIC to POL: Full Guide

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