- Polygon Labs has revealed the date for the migration from MATIC to POL.
- In the first phase of the POL token upgrade, functionality will be limited to Polygon PoS.
- Token holders may need to take steps to transfer their tokens, depending on where and how they hold them.
Last year, Polygon Labs unveiled a new roadmap to adopt an aggregate chain architecture that would allow Ethereum to scale infinitely by horizontally connecting as many chains as possible on top of Layer 1. In line with this new roadmap, the team outlined plans for the Polygon Network to undergo a number of massive changes, including upgrading its token to better serve the envisioned multi-chain ecosystem.
After months of waiting, the team has revealed the date for this token mainnet migration: September 4th. Find out what this migration entails and how it affects you.
What is Polygon MATIC to POL migration?
The POL migration scheduled for September 4th represents the first step in the planned evolution of MATIC, which Polygon Labs describes as a “hyper-productive token” where holders will stake to validate transactions across multiple chains on Polygon’s unified blockchain network and earn rewards for doing so.
However, in the first stage of this evolution, POL appears to be replacing MATIC as the native gas and staking token for the Polygon Proof-of-Stake network.
In addition to using a different ticker for starters, POL differs from MATIC primarily in that it is inflationary. MATIC has a limited token supply of 10 billion, while POL inflates by 2% per year. This is to ensure that the token can service an infinite number of chains.
So how will the planned September 4th move affect you?
What to do to migrate MATIC to POL
What you need to do to migrate your MATIC tokens to POL depends on where and how you hold your tokens.
MATIC holders of Polygon PoS
According to Polygon developers, if you hold MATIC in Polygon PoS, your tokens will be automatically upgraded, so no action is required to migrate your tokens. That said, you will most likely need to update your RPC settings to reflect the ticker change in your wallet. For example, in MetaMask, you would simply go to Settings and then Network. Here, you would simply change “MATIC” to “POL” in the “Currency Symbol” field.
MATIC holders on Ethereum
MATIC holders on Ethereum can migrate to POL using the token migration contract. Etherscan. However, if you are not comfortable interacting directly with smart contracts, Polygon Labs suggests simply exchanging MATIC tokens for POL via a decentralized exchange of your choice.
MATIC holder for Polygon zkEVM
MATIC holders on Polygon zkEVM can migrate their tokens to POL in two ways: first, by bridging to Ethereum and then using the migration contract, or second, by swapping using a local DEX.
MATIC holders on centralized exchanges
For MATIC holders on centralized exchanges, it is important to note that each exchange will likely have its own guidelines for POL migration, but it is unlikely that any action will be required.
Ahead of the mainnet upgrade on September 4th, Polygon Labs has released the POL upgrade on testnet to help users and developers become familiar with the migration process.
On the other side
- After the mainnet upgrade, there is no deadline for MATIC holders whose tokens were not automatically upgraded to migrate their tokens.
- POL’s full functionality will probably not be available until 2025. Polygon’s multi-chain staking layer It will be made public.
Why this matters
POL is expected to play a key role in strengthening and securing Polygon’s integrated architecture, and the recently revealed migration date suggests that this vision is getting closer to becoming a reality.
Read more about Polygon’s POL token upgrade here:
How to Unlock the Polygon 2.0 Vision by Upgrading from Polygon’s MATIC to POL
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