Polygon has officially set September 4th for its long-awaited upgrade from MATIC to POL. The upgrade will transition POL as the native gas and staking token of the Polygon Proof-of-Stake (PoS) network and will mark the first phase in the network’s strategic evolution.
Polygon Abbreviation to Change from MATIC to POL on September 4
POL is an upgraded, community-driven token designed to replace MATIC as the core of the Polygon ecosystem. This upgrade was first proposed in the Polygon Improvement Proposal (PIP-17) and has received overwhelming support from the community.
POL will play a key role in Polygon’s vision to become a mass blockchain network, enabling expanded utility and future scalability.
The journey towards POL began last October with the launch of POL ERC-20 contracts on Ethereum. Since then, numerous PIPs and community discussions have paved the way for this upgrade by developing the token’s utility and governance framework.
The Role of POL in Polygon Network
POL is being promoted as a “hyper-productive” token with broad usage across the Polygon ecosystem. It is designed to be used on all chains in the network, including the future AggLayer, which will be a key part of Polygon’s multi-chain strategy.
In the short term, POL will replace MATIC as the native gas and staking token in the existing Polygon PoS network.
Validators will be required to stake POL to earn rewards and transaction fees, making POL an integral part of network security and governance.
Starting September 4th, all transactions on the Polygon PoS chain will be conducted using POL as the gas token.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/the-date-for-the-long-awaited-change-has-been-announced-this-altcoin-will-now-be-released-as-pol-token/