MATIC → POL Migration Coming September 4th. Everything You Need to Know

What is the $POL upgrade?

The $POL upgrade marks the transition of #Polygon's native token from $MATIC to $POL. This upgrade will see $POL replacing $MATIC as the gas and staking token for the #Polygon PoS network. In subsequent phases, $POL will expand its utility to play a crucial role in the AggLayer, enhancing the token's functionality within the #Polygon ecosystem.

How will the migration process work?

On September 4th, $MATIC tokens on the #Polygon PoS chain will automatically convert to $POL, requiring no action from users. $MATIC holders on #Ethereum, Polygon zkEVM, or centralized exchanges may need to manually migrate their tokens. A migration contract on #Ethereum allows for this upgrade, and decentralized exchanges (DEXs) like 1inch and Kyber can facilitate the process.

What happens to $MATIC holders?

- Polygon PoS Holders: No action required. $MATIC will automatically convert to POL.

- Ethereum and zkEVM Holders: May need to use the migration contract or DEX aggregators to upgrade.

- Centralized Exchange Holders: Check with your exchange for specific instructions.

- Stakers/Delegators: Staked $MATIC will convert to staked POL automatically. If you prefer not to convert, unstake before September 1st.

Is this move beneficial to the Polygon Ecosystem?

Absolutely. The $POL upgrade is a community-driven initiative aimed at expanding the utility and security of Polygon's native token. POL will enhance the network’s scalability and efficiency, supporting advanced roles in the AggLayer and future Polygon staking hubs. This upgrade ensures that Polygon remains robust, interconnected, and future-proof, driving broader adoption and innovation within the ecosystem.

Excerpt:

https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know