Polygon Labs announced the upgrade from MATIC to POL on the Ethereum Layer 2 blockchain Polygon will go live on September 4, 2024.

This upgrade is part of a community governance proposal to replace MATIC with POL for gas and staking purposes.

POL will initially replace MATIC and later take on more network functionality, including in the AggLayer protocol.

MATIC holders on the Polygon PoS chain will have an automatic upgrade to POL, while those on other chains or platforms will need to use a migration contract.

The token upgrade is part of the broader Polygon 2.0 architecture, aimed at improving interoperability and shared state functionalities across multiple ZK-Rollup chains.

Polygon is also proposing 'zkPoS Phase 1' to connect Polygon PoS with the AggLayer, transitioning to a zkEVM Validium to enhance scalability and functionality.

The overall goal of the POL upgrade is to enhance network functionality and security, with immediate utility on the Polygon PoS network.

MATIC holders should prepare for the transition to POL by following the necessary steps outlined by Polygon Labs.