- Migration of Polygon’s MATIC to POL starts September 4, 2024.
- POL will replace MATIC as the native gas and staking token.
- Automatic upgrade for MATIC on Polygon PoS network.
- Manual migration needed for MATIC on Ethereum, zkEVM, and CEXes.
Polygon’s MATIC to POL Migration: Key Steps and What to Expect
Polygon has announced a pivotal update for its ecosystem: the migration from its native token, MATIC, to POL will begin on September 4, 2024. This migration is a crucial component of Polygon’s ambitious 2.0 roadmap, which aims to significantly enhance the network’s capabilities and ensure it remains at the forefront of blockchain innovation.
POL Replaces MATIC on Polygon PoS
As part of the first phase of this migration, POL will take over from MATIC as the native gas and staking token on the Polygon Proof-of-Stake (PoS) network. This transition means that all transactions, staking activities, and fees on the Polygon PoS will now use POL instead of MATIC. For the majority of MATIC holders on the Polygon PoS network, this upgrade will be seamless and automatic. Users won’t need to take any action, as their MATIC tokens will be automatically converted to POL.
This automatic migration is designed to ensure a smooth transition for users within the Polygon ecosystem, minimizing potential disruptions or technical issues.
Manual Migration Required for Other Platforms
However, not all MATIC holders will experience an automatic transition. For those who hold MATIC on platforms outside of the Polygon PoS network—such as Ethereum, Polygon zkEVM, or centralized exchanges (CEXes)—the migration to POL will require manual intervention.
To facilitate this, Polygon has provided a migration contract that users can utilize to convert their MATIC tokens to POL. Additionally, decentralized exchange (DEX) aggregators, such as 1inch or Kyber, will support the migration process, offering users an alternative means to upgrade their tokens.
It’s important to note that while there is no official deadline for this manual migration, Polygon recommends that users update their wallet settings as soon as possible to reflect the new POL tokens. This proactive step will ensure that users can continue to interact with the Polygon network without interruption.
Looking Ahead: Polygon 2.0 and the AggLayer Ecosystem
The migration from MATIC to POL is more than just a token swap; it marks a significant milestone in Polygon’s evolution towards Polygon 2.0. This next-generation upgrade is designed to transform Polygon into a highly scalable and interoperable multi-chain ecosystem. A key component of this upgrade is the development of the “AggLayer” ecosystem, which promises to enhance the network’s performance, security, and usability.
Polygon 2.0 aims to establish a more robust and flexible framework that can support a wide range of decentralized applications (dApps) and use cases, further solidifying Polygon’s position as a leading blockchain platform.
As the September 4 migration date approaches, Polygon users and stakeholders are encouraged to stay informed and prepare for the transition to POL, ensuring they are ready to take full advantage of the enhanced capabilities that Polygon 2.0 will offer.
