Polygon is making a major move by transitioning its native token from MATIC to POL, marking a significant milestone in the network’s evolution. This change is part of the Polygon 2.0 roadmap, aimed at transforming the blockchain ecosystem.
What’s Happening with the MATIC to POL Migration?
On September 4, Polygon will officially migrate from MATIC to POL, establishing POL as the new native token. POL will be used for transactions, staking, and securing the network, making it a critical component of Polygon’s future infrastructure.
Why Is Polygon Migrating from MATIC to POL?
The migration to POL is a key step in Polygon’s shift towards becoming a zero-knowledge Ethereum Virtual Machine (zkEVM) system. The goal is to create an interconnected network of specialized blockchains that improve scalability and efficiency. Here’s why the move to POL is essential:
- Utility and Scalability: POL will replace MATIC as the gas and staking token. Validators can stake POL to secure Polygon’s proof-of-stake (PoS) chain and other chains within the Polygon ecosystem.
- AggLayer Integration: POL will power the AggLayer, which aggregates zero-knowledge proofs across connected chains, ensuring fast, secure cross-chain transactions.
What Do MATIC Holders Need to Do?
Depending on where your MATIC tokens are stored, you may need to take certain actions to convert them to POL:
- On the Polygon PoS Chain: No action is required. MATIC will automatically convert to POL.
- On Ethereum: MATIC holders can migrate their tokens using the Polygon Portal Interface.
- On Polygon zkEVM or Centralized Exchanges: You may need to bridge MATIC to Ethereum or follow platform-specific instructions for conversion. An advanced migration contract is available for manual conversion.
- Hardware Wallets: For MATIC held as ERC-20 tokens in wallets like Ledger, manual conversion might be necessary, but more details are pending.
Is There a Deadline to Migrate MATIC to POL?
As of now, there is no official deadline for converting MATIC to POL. However, the Polygon community may establish one in the future, so it’s important to stay informed.
The Future of Polygon with POL
Polygon’s migration from MATIC to POL is a crucial part of its evolution towards a more scalable and interconnected blockchain ecosystem. This shift positions Polygon as a leader in layer-2 blockchain solutions, utilizing zero-knowledge technology to create a seamless, secure, and efficient network.