Polygon Migration from MATIC to POL: What Crypto Investors Need to Know 🚀
If you’re a crypto investor interested in Polygon, you’ll want to pay attention to the upcoming migration from the MATIC token to POL, the new native token of the network. Here’s everything you need to know about this migration and how it will impact you as an investor.
Understanding the POL Migration
- The migration from MATIC to POL involves phasing out MATIC as Polygon’s native token.
- POL will take over as the main gas and staking token on Polygon’s proof-of-stake chain.
Reasons for the Migration to POL
- The move to POL is part of the Polygon 2.0 roadmap, which aims to transform Polygon into a zero-knowledge Ethereum Virtual Machine (zkEVM) system with interoperable blockchains.
- POL will provide added utility to the network, allowing validators to earn rewards by staking POL to secure various chains in the Polygon supernet.
Actions Required Before the POL Migration
- MATIC holders on the Polygon proof-of-stake chain don’t need to take any action as their tokens will automatically convert to POL.
- However, MATIC holders on the Ethereum network may need to migrate their tokens to POL using the Polygon Portal Interface.
- Holders on the zkEVM layer-2 network or exchanges may also need to bridge their tokens to Ethereum or use a migration contract for the conversion.
Deadline for Converting MATIC to POL
- Currently, there is no set deadline for converting MATIC to POL, but the Polygon community may establish one in the future.
Hot Take 🔥
Stay informed about the Polygon migration from MATIC to POL to ensure you’re prepared for the changes and understand how they may impact your investments in the network.