Polygon, which emerged as a solution to the slow transaction speed and high fees problems of the Ethereum network, is now strengthening its network with a significant upgrade. At the center of this upgrade is the transition from MATIC, the native token of the network, to POL.

In this article, we will take a deep dive into this token change, which is part of Polygon’s 2.0 roadmap, and what it means for both the Polygon network and the cryptocurrency ecosystem.

Although Ethereum pioneered as a decentralized platform for smart contracts, it has faced network congestion and high fees along with ever-increasing transaction volume. This led developers and users to look for different solutions.

Polygon, on the other hand, emerged as a layer 2 solution and aimed to eliminate the scalability problem with side chains built on the Ethereum network. Polygon’s proof-of-stake (PoS) network has managed to attract users by offering fast and low-cost transactions. MATIC token became the native cryptocurrency of this network.

The launch of the POL token is set for September 4, 2024. To prepare for this important transition, the Polygon team has already launched the Ethereum contract for the POL token.

Additionally, the POL testnet was launched on July 17. In this way, developers and users have the opportunity to detect and resolve potential problems by transacting with POL before switching to the mainnet. The Polygon community is encouraged to play an active role in this transition.

MATIC tokens on the Polygon PoS chain will be automatically converted to POL. Users do not need to take any action in this process. However, the situation is slightly different for those who hold MATIC on Ethereum, Polygon zkEVM or centralized exchanges.

In this case, steps such as building bridges, updating smart contracts, or using a migration contract may be required to convert their tokens to POL. The Polygon team will inform users and provide support to facilitate this process.

In addition to the token change, Polygon also comes to the fore with another important development. Polygon Labs aims to bring Ethereum Virtual Machine (EVM) functionality to the TON ecosystem by collaborating with the TON Application Chain (TAC).

In this way, developers will be able to run EVM-compatible decentralized applications (DApps) on TAC. This collaboration is considered an important step in accelerating the adoption of blockchain technology and increasing interoperability between different ecosystems.

Polygon’s move from MATIC to POL is an important step towards the future of the network. This change demonstrates Polygon’s commitment to increasing the utility and functionality of the network, being future-ready, and maintaining its leading position in the cryptocurrency market. The adoption of POL and Polygon’s technical advances could play a significant role in shaping the future of blockchain technology.

The scalability, security and developer-friendly structure of the network can pave the way for the expansion of the cryptocurrency base and the emergence of innovative applications. We will follow with curiosity what path Polygon will follow with the POL token and how it will contribute to the cryptocurrency ecosystem in the coming period.