Polygon Upgrades MATIC To POL

• Polygon upgrades MATIC to POL.

• EIGEN Season 2 Stakedrop.

• Liquity releases its V2 codebase.

• Base commits to increasing its gas target.

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Polygon successfully upgraded the staking contract for the Polygon PoS network, changing the primary staking and gas token from MATIC to POL at a 1:1 ratio. The token migration is automatic for MATIC holders on Polygon PoS. Users may need to update their wallet settings to reflect the new token ticker. Users with MATIC on Ethereum can migrate their tokens using the Polygon Portal. There is no deadline for users to migrate their tokens. POL is a new hyperproductive token that will enable validators to validate multiple ZK chains. The migration is part of Polygon’s 2.0 roadmap, which transitions the PoS Chain into Polygon ZK-EVM as part of the AggLayer. In subsequent upgrades, POL will be used to support roles in block generation, data availability, and ZKP generation.

The Eigen Foundation announced the EIGEN Season 2 Stakedrop, distributing 86 million EIGEN tokens to stakers, operators, ecosystem partners, and community members. Users who staked or operated on the protocol between March 15 and August 15, 2024, can claim their share of 70 million EIGEN tokens starting September 17, 2024. Ecosystem partners will also be able to claim their tokens starting on September 17, 2024. Community members, including open-source contributors, early advocates, and podcasters, must verify their social identity on the Eigen Foundation website by September 11, 2024. EIGEN, coined as the Universal Intersubjective Work Token, is anticipated to become transferable in the coming month.

Decentralized borrowing protocol Liquity released its V2 codebase, enabling developers to build on the protocol. Liquity V2 introduces user-set interest rates and multiple collateral support, including rETH and wstETH. Liquity V2 will also support BOLD, its new yield-bearing stablecoin that will coexist alongside the existing LUSD stablecoin Liquity V2 introduces Protocol Incentivized Liquidity (PIL), which allows LQTY stakers to direct subsidies from protocol interest revenue while still earning fees and rewards. Like Liquity V1, Liquity V2 will remain governance-minimized and immutable.

Base committed to increasing the network’s gas target by 1 million gas per second (Mgas/s) each week, beginning in late September 2024. The increase will expand the capacity per block, allowing more transactions to be processed while reducing network congestion. By the end of the year, the update is expected to bring capacity to 30 Mgas/s.

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