Polygon has initiated the migration from its native token, MATIC, to a new token called POL, as part of its Polygon 2.0 upgrade. This transition aims to enhance the network's functionality and efficiency, aligning with Polygon's vision to evolve into an ecosystem of interconnected blockchains powered by zero-knowledge (ZK) technology.
Migration Details:
Automatic Conversion on Polygon PoS Chain: If you hold MATIC tokens on the Polygon Proof-of-Stake (PoS) chain, your tokens will be automatically converted to POL at a 1:1 ratio. No manual action is required. However, you may need to update the native token symbol in your wallet's network settings to reflect the change from MATIC to POL.
Manual Migration for MATIC on Ethereum: For MATIC tokens held on the Ethereum network, you can use the Polygon Portal's migration interface to upgrade to POL. The process involves:
1. Navigating to the Polygon Portal's migration interface.
2. Switching your wallet to the Ethereum network and connecting to the Portal UI.
3. Approving the migration action by granting the upgrade contract permission to access your MATIC tokens.
4. Performing the migration action to receive POL tokens in your wallet.
MATIC on Polygon zkEVM: If your MATIC tokens are on the Polygon zkEVM chain, you can bridge them to Ethereum and then follow the migration steps for MATIC tokens on Ethereum. Alternatively, you can use a zkEVM-based decentralized exchange (DEX) or aggregator to swap MATIC for POL.
Tokens on Centralized Exchanges: Most centralized exchanges, such as Binance and KuCoin, are handling the migration automatically. If you hold MATIC on these platforms, the conversion to POL will be done without requiring any action from you.
Key Considerations:
Update Wallet Settings: After migration, ensure that your wallet reflects the correct token symbol (POL). This may involve updating the currency symbol in your wallet's network settings.
Stay Informed: Regularly check official Polygon channels and your exchange's announcements for the latest updates on the migration process.
This migration is a significant step in Polygon's evolution, aiming to create a more scalable and interconnected blockchain ecosystem.