Polygon (MATIC) Hits Major Milestone as Native USDC Migration Begins

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Written By Maya Cantina

Tue, 19/03/2024 – 17:45

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Ethereum scaling solution Polygon has marked a major milestone as the first phase of native USDC migration on Polygon PoS is now underway. Native USDC means minting and redeeming directly from Polygon PoS, promising better capital efficiency and a better user experience.

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In a new ecosystem-wide push for Polygon, DeFi protocols, bridges and NFT marketplaces are helping to incentivize users to phase out the bridged version of USDC and replace it entirely with the native one. The bridged USDC from Ethereum on Polygon PoS — called USDC.e — is a wrapped version of the native Ethereum token.

The native USDC on Polygon PoS is a big upgrade over a bridged version, providing users with more functionality and a better experience.

Native USDC is mintable and redeemable directly on Polygon PoS, fully reserved, always redeemable 1:1 for U.S. dollars, and supported by Circle Account and its APIs.

Native USDC on Polygon PoS will now allow users to access USDC directly on Polygon PoS, streamlining the process and adding more value.

Native USDC first went live on Polygon PoS last October in response to community feedback and demand; however, the migration is not yet complete. A complete migration would facilitate a better user experience and wider adoption of the Polygon PoS network.

Polygon receives new upgrades

Earlier in March, the Elderberry upgrade went live on Polygon zkEVM, bringing important optimizations to the ROM that will reduce certain out-of-counter errors on the network and some additional fixes to the recent Etrog upgrade.

The Dencun upgrade, which includes six EIPs related to Ethereum’s execution logic, went live on the Ethereum mainnet on March 14.

Polygon benefits from the Dencun upgrade as the Type 1 zkEVM prover preserves all of Ethereum’s execution logic. All features in the Dencun upgrade have been in development for the Type 1 zkEVM prover.

Of the other five execution-logic-related EIPs, the Type 1 zkEVM prover will include support for four, with EIP-2537 still outstanding. EIP-2537 verifies KZG commitments and, for now, the values are taken as public input.

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