{"id":15324,"date":"2024-07-18T15:48:36","date_gmt":"2024-07-18T12:48:36","guid":{"rendered":"https:\/\/forklog.com\/en\/polygon-team-sets-date-for-matic-to-pol-conversion\/"},"modified":"2024-07-18T15:48:36","modified_gmt":"2024-07-18T12:48:36","slug":"polygon-team-sets-date-for-matic-to-pol-conversion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/polygon-team-sets-date-for-matic-to-pol-conversion\/","title":{"rendered":"Polygon Team Sets Date for MATIC to POL Conversion"},"content":{"rendered":"<p>Polygon developers have set September 4 as the date for converting the utility token MATIC into the Polygon Ecosystem Token (POL) at a 1:1 ratio.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">SAVE THE DATE: MATIC \u2192 POL<\/p>\n<p>After community consensus, the long-awaited upgrade is set for September 4th<\/p>\n<p>\u2022 Initial phase: POL replaces MATIC as the native gas and staking token for Polygon PoS<\/p>\n<p>\u2022 Subsequent phases: POL will serve a crucial role in the AggLayer<\/p>\n<p>More details? <a href=\"https:\/\/t.co\/SyxsFAlOeZ\">pic.twitter.com\/SyxsFAlOeZ<\/a><\/p>\n<p>\u2014 Polygon Foundation (@0xPolygonFdn) <a href=\"https:\/\/twitter.com\/0xPolygonFdn\/status\/1813846238455873964?ref_src=twsrc%5Etfw\">July 18, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The community has approved the initiative.<\/p>\n<p>POL will replace MATIC as the primary asset for staking and gas payments.<\/p>\n<p>The existing tokenomics, distribution, and total supply are expected to remain unchanged. The latter parameter stands at 10 billion with an annual inflation rate of 2%.<\/p>\n<p>In subsequent phases, depending on community opinion, POL&#8217;s functionalities may be expanded, particularly within the <a href=\"https:\/\/u1f987.com\/en\/news\/polygon-labs-unveils-blockchain-aggregation-layer-agglayer\">AggLayer blockchain aggregation layer<\/a>.<\/p>\n<p>For current MATIC holders on the Polygon PoS network, the transition to POL will occur automatically, without user intervention.<\/p>\n<p>However, those holding the asset on Ethereum, Polygon zkEVM, or various <span data-descr=\"centralized platforms\" class=\"old_tooltip\">CEX<\/span> will need to undertake specific migration procedures, according to the project&#8217;s announcement.<\/p>\n<p>Developers and stakers who have delegated MATIC in the network of the second-largest cryptocurrency by market cap will receive tokens automatically converted to POL, with the option to opt out of the transition at their discretion.<\/p>\n<p>As part of the migration, the team will conduct extensive updates to <span data-descr=\"decentralized applications\" class=\"old_tooltip\">dapps<\/span> and infrastructure.<\/p>\n<p>The idea of launching a new coin was first proposed in mid-July as part of the Polygon 2.0 update. The main goal of the initiative is to ensure network scalability without compromising security.<\/p>\n<p>The Polygon team stated that the coin &#8220;will facilitate the creation of a vast ecosystem of second-layer solutions based on zero-knowledge proofs.&#8221;<\/p>\n<p>POL also paves the way for other aspects of the Polygon 2.0 roadmap, including the creation of a separate staking layer, upgrading the current PoS mechanism to zkEVM-2, and developing a unified liquidity protocol. <\/p>\n<p>On October 25, Polygon Labs deployed the POL smart contract on the Ethereum mainnet. Currently, the token is not used in operations within protocols.<\/p>\n<p>Earlier, Matic Foundation unlocked the final <a href=\"https:\/\/u1f987.com\/en\/news\/matic-foundation-unlocks-final-273-million-matic-tokens\">273 million MATIC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Polygon developers have set September 4 as the date for converting the utility token MATIC into the Polygon Ecosystem Token (POL) at a 1:1 ratio. SAVE THE DATE: MATIC \u2192 POL After community consensus, the long-awaited upgrade is set for September 4th \u2022 Initial phase: POL replaces MATIC as the native gas and staking token [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1179,1264,1134,596],"class_list":["post-15324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-layer-2-solutions","tag-polygon-matic","tag-technical-updates","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15324"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15323"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}