Polygon developers have initiated the transition from MATIC to POL tokens. POL is now the native gas and staking token on the Polygon PoS chain. This upgrade represents a significant evolution in the Polygon ecosystem's architecture.
Understanding the MATIC to POL Transition
The migration process varies depending on where you hold your MATIC tokens:
- Polygon PoS Chain Holders: No action is required. Your MATIC tokens will be automatically upgraded to POL.
- External Holders: If your MATIC is held on Ethereum, Polygon zkEVM, or any decentralized exchange (DEX), you must proactively migrate your tokens to POL using the official migration contract.
The new POL token will maintain MATIC's existing tokenomics, distribution model, and total supply cap of 10 billion tokens. The initial exchange rate from MATIC to POL is set at 1:1.
Key Features of the New POL Token
POL is designed to be a hyperproductive token for the broader Polygon ecosystem and beyond. It introduces a novel mechanism where stakers can validate multiple chains and perform various roles, all while earning rewards.
A critical feature is the gradual 2% annual increase in unlocked token supply over a decade. This structured release is intended to sustainably support the long-term growth and security of the network.
The community-approved mainnet upgrade, which commenced on September 4, 2024, marks the beginning of this new chapter. POL now fully handles all gas fee payments and staking operations on the chain.
For a comprehensive overview of the migration process and technical details, you can explore the official migration portal.
How to Migrate Your MATIC Tokens to POL
If you fall into the category of holders who need to take action, follow these general steps. Always ensure you are using the official migration portal to avoid scams.
- Locate the Official Portal: Navigate to the official Polygon migration website.
- Connect Your Wallet: Securely connect the Web3 wallet (like MetaMask) that holds your MATIC tokens.
- Review the Terms: Carefully read and understand the conversion ratio and any terms presented.
- Initiate the Migration: Approve the transaction in your connected wallet. Be prepared to pay a small gas fee for the transaction.
- Confirm Receipt: Once the transaction is confirmed on the blockchain, your new POL tokens will appear in your wallet.
Remember, the 1:1 conversion ratio is fixed for the migration. There is no need to rush, but it is advisable to complete the process to ensure full access to network functionalities.
Frequently Asked Questions
Do I need to migrate my MATIC tokens if they are in my Polygon PoS wallet?
No, if your MATIC tokens are natively on the Polygon PoS chain, the upgrade to POL is automatic and requires no action from you.
What is the main difference between MATIC and POL?
While they share the same initial economics, POL is a more technologically advanced token designed to power a vast ecosystem of Layer 2 chains, offering validators the ability to secure multiple chains.
Is there a deadline to migrate my MATIC tokens from Ethereum?
A specific deadline has not been widely announced, but it is always best practice to migrate tokens promptly once an upgrade is live to ensure you can use them for staking and gas fees without interruption.
Will the value of my holdings change after migrating?
The conversion is at a 1:1 ratio, so the quantity and fundamental value of your holdings remain the same initially. The long-term value will be influenced by market dynamics and the adoption of the upgraded Polygon network.
Can I still use MATIC on exchanges after the upgrade?
Most major exchanges will support the upgrade and automatically convert user balances. However, if you are holding tokens in a private wallet on an external chain like Ethereum, you must initiate the migration yourself.
Where can I find the official migration contract?
The only safe source is the official Polygon blog or migration website. Never use a contract address shared through unsolicited messages or unverified websites. For secure and reliable tools to manage your assets, view real-time migration tools.