Polygon (MATIC) Token Migration to POL: What You Need to Know

The POL migration, scheduled for September 4, marks the first phase in MATIC’s planned evolution to becoming what Polygon Labs has described as a “hyperproductive token”

After unveiling a new roadmap last year to adopt an aggregated chain architecture, Polygon Labs has outlined several planned changes for the Polygon network, including upgrading its token to better serve the envisioned multichain ecosystem. After months of anticipation, the team has announced September 4 as the date for this token mainnet migration.

Discover what this migration entails and how it affects you.

Understanding the Polygon MATIC to POL Migration

The POL migration, set for September 4, marks the first step in MATIC’s planned evolution into what Polygon Labs describes as a “hyperproductive token” that holders can stake to validate transactions across multiple chains in Polygon’s aggregated blockchain network and earn rewards across them.

However, this first phase of the evolution will simply see POL replace MATIC as the native gas and staking token for the Polygon Proof-of-Stake network.

For those who may be unaware, apart from using a different ticker, POL differs from MATIC primarily in the sense that it is inflationary. While MATIC has a capped 10 billion token supply, POL will inflate by 2% annually, a move made to allow the token scale to serve an infinite number of chains.

So, how does the planned September 4 migration affect you?

Steps to Migrate Your MATIC to POL

The actions you need to take to migrate your MATIC token to POL will depend on where and how you hold your tokens.

MATIC Holders on Polygon PoS

According to Polygon developers, if you hold your MATIC on Polygon PoS, you will not need to take any action to migrate your token, as your tokens will be automatically upgraded. Having said that, you will likely need to update the RPC settings in your wallet to reflect the ticker change. In MetaMask, for example, all you have to do is go to settings and then networks; here, all you have to do is to replace “MATIC” in the “Currency symbol” field with “POL.”

MATIC Holders on Ethereum

For MATIC holders on Ethereum, you can migrate to POL using the token migration contract on Etherscan. If you are, however, not familiar with interacting directly with smart contracts, Polygon Labs suggests that you simply swap your MATIC tokens for POL through a decentralized exchange aggregator of your choice.

MATIC Holders on Polygon zkEVM

MATIC holders on Polygon zkEVM can migrate their tokens to POL in two ways: either by bridging to Ethereum and then using the migration contract or swapping using a local DEX.

MATIC Holders on Centralized Exchanges

For MATIC holders on centralized exchanges, it is worth noting that each exchange will likely have its guidelines for the POL migration. However, it is unlikely that you would have to take any action.

Ahead of the September 4 mainnet upgrade, Polygon Labs has launched the POL upgrade on testnet to allow users and developers to familiarize themselves with the migration process.

On the other hand, POL has been tipped to play a key role in securing Polygon’s aggregated architecture. The recently unveiled migration date suggests that this vision is coming closer to becoming a reality.

Discover more about Polygon’s POL token upgrade in this article:

How Polygon’s MATIC to POL Upgrade Unlocks the Polygon 2.0 Vision

Also, check out why Grayscale’s ether ETF fee strategy has drawn criticism:

Why Grayscale’s Ether ETF Fee Strategy Has Come Under Fire

The above is the detailed content of Polygon (MATIC) Token Migration to POL: What You Need to Know. For more information, please follow other related articles on the PHP Chinese website!