Polygon Prepares for Exciting Update: MATIC to Become POL
Polygon has recently shared key technical details leading up to a significant update that will see the MATIC token transformed into POL. This update will introduce new on-chain functionalities, such as supporting multiple chains within an aggregated network and enhancing scalability.
Stay tuned for the official migration date, set to make waves in the crypto landscape. Curious about the steps users will need to take to exchange their old MATIC tokens for the new POL tokens?
Read on for all the essential information.
Polygon 2.0: Evolution from MATIC to POL
Last September, Polygon developers unveiled the roadmap for transitioning to version 2.0. In a Polygon Improvement Proposal (PIP) released in the governance section, they outlined structural changes to Polygon’s on-chain architecture.
The primary goal was to establish a network of interconnected second-level chains forming the “value infrastructure of the internet” in the future.
This network conglomerate aims to enhance the web3 environment by offering unlimited scalability and unified liquidity. As part of this transition, Polygon will migrate its MATIC token to the new POL asset.
POL will serve as a highly efficient token supporting various functions across the Polygon network, including AggLayer. Additionally, POL is set to become the native gas token for facilitating transactions on the Polygon PoS network, enhancing network security.
Looking ahead, there are expectations that POL will play a significant role in Polygon’s staking hub by 2025, involving tasks such as block generation, zero-knowledge proof creation, and engagement in data availability committees (DAC).
Following PIP-42, Polygon developers decided that PoS validators must stake SOL to continue earning rewards and transaction fees. This imminent update aligns with Polygon’s vision of building a competitive, scalable, and adaptable network layer.
Official Date for POL Arrival on Markets: Redemption Process on Polygon PoS
After months of technical fine-tuning, Polygon has announced the official migration date for the conversion of MATIC to POL. Scheduled to take place on September 4, 2024, this highly anticipated transition will see a 1:1 conversion rate with MATIC, retaining the tokenomics from before.
Notably, the POL update has been active on the testnet since July 17 to preemptively address any migration issues and familiarize users and developers with the upcoming processes, minimizing disruptions during the mainnet launch.
Users holding MATIC tokens on the Polygon PoS network need not take any action as the migration process will occur automatically. However, certain non-custodial wallets may still display MATIC instead of POL post-migration. To ensure accurate representation, consider updating RPC settings and using the correct contract address on your selected wallet interface.
It’s essential to await official communication from the Polygon team regarding the new POL token to avoid falling victim to scams. All pertinent details will be released by the project team on September 4 or shortly before that date.
Until the migration date, refrain from attempting any manual transitions. For MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges, specific actions may be required for upgrading to POL.
Guidelines for MATIC Holders on the Ethereum Network
For Ethereum-based MATIC token holders, the switch to POL must be performed manually using a designated migration function. Experienced users can utilize the official migration contract on the Ethereum network: 0x29e7DF7b6A1B2b07b731457f499E1696c60E2C4.
Less tech-savvy users are advised to await instructions directly from the Polygon team, possibly provided through a user-friendly interface. However, those eager to hold POL tokens promptly in their wallet can follow these steps:
- Copy the migration contract and paste it on Etherscan.
- Access the “contract” section on the page, then click on “write as a proxy” to interact with the contract by connecting your wallet through “connect to web3.”
- Confirm the initial seven functions of the contract, which involve burning MATIC tokens and minting new POL tokens sequentially.
- Starting from the eighth function, users can opt for the “unmigrate” operation to retrieve original MATIC tokens, subject to contract approval and payment of minor fees.
Individuals staking MATIC with a protocol on Ethereum are exempt from manual migration as the Polygon team will handle the process automatically. Expect POL tokens in place of staked MATIC after the migration.
Developers are actively working to phase out the name MATIC from protocol interfaces to prevent confusion post-migration. Note that some dApps may still display the MATIC moniker even after September 4.
Additional Instructions for MATIC Holders on Exchanges and Polygon ZkEVM Network
Holders of MATIC on centralized exchanges and the Polygon ZkEVM network may encounter variations in the migration process. Most exchanges are expected to handle the transition automatically, with some platforms already reflecting POL instead of MATIC.
However, prominent exchanges like Binance and Coinbase are yet to complete the transition, so MATIC remains the coin name on these platforms. Users on the Polygon ZkEVM network may need to bridge tokens manually, similar to the process outlined for Ethereum.
DEX platforms may offer convenient token swapping capabilities for MATIC to POL conversions without requiring contract interactions through a block explorer. Alternatively, a dedicated migration website could be provided for a secure transition.
Stay tuned for further updates from the Polygon team on the most effective approach to execute the migration on the zkEVM network, as a migration contract has not been released yet.
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