On July 18, 2024, Polygon Foundation has confirmed that POL will be replacing MATIC as the native gas and staking token
for Polygon PoS and Polygon’s ecosystem chains on September 4.
The upgrade on September 4, where the
original MATIC token will be replaced with POL tokens as part of the network’s
transition to Polygon 2.0.
MATIC is designed to use for staking
and paying transaction fees on Polygon PoS. While POL designed to use for
staking and paying transaction fees on all Polygon chains such as Polygon PoS,
Polygon zkEVM and Polygon CDK.
Not only POL can provide security on
multiple chains but POL can also use for providing data availability.
MATIC is immutable token. While, POL is
mutable token.
This change is aimed at enhancing
Polygon’s layer 2 chains ecosystem, particularly focusing on
zero-knowledge-based chains.
For holders of MATIC on the Polygon PoS
chain, the migration to POL will be automatic and require no action from the
users.
However, those holding MATIC on
Ethereum, Polygon zkEVM, or centralized exchanges will need to follow specific
steps for a manual upgrade, which may include bridging, updating smart
contracts, or using a migration contract.
The POL token is designed to expand the
utility of Polygon’s native token and will play a broader role in the upcoming
Polygon staking hub in 2025, including block generation and participation in
Data Availability Committees (DACs).
The upgrade initially went live on the
Polygon testnet on July 17, giving the community time to identify and fix any
potential issues before the mainnet migration.
Migration details from MATIC to POL
MATIC Holders on Polygon PoS
- No action is needed from users.
- On September 4, 2024, all MATIC tokens on the
Polygon PoS chain will migrate to POL tokens.
- Note: If users don’t update RPC settings in a
wallet (Metamask, Rabby, Zerion, etc.), the wallet may still display
“MATIC” instead of “POL” as the token symbol for the native gas token for
the Polygon PoS chain.
MATIC Holders on Ethereum
- Using the migration contract: To upgrade MATIC
tokens to POL, holders will be able to use the migration contract located
at the Etherscan Link for the Migration Contract.
- Using DEX aggregators: For users who do not want to
or do not have the technical knowledge to directly interact with the
migration contract, a third party decentralized exchange (DEX) aggregator,
such as 1inch, Kyber, or CowSwap, can be used. Carefully review the terms
relating to the migration via these dApps; do all research necessary to
understand how an upgrade using these dApps may be performed. These dApps
have independently integrated the migration contract, and all upgrades
from MATIC to POL on these DEX aggregators is between the user and the
dApp.
MATIC Holders on zkEVM
- Bridge to Ethereum: Users may bridge MATIC tokens
from zkEVM to Ethereum and then follow instructions for “MATIC Holders on
Ethereum” above to upgrade to POL.
- Swap on zkEVM DEX or DEX aggregator: Alternatively,
users can find a zkEVM-based DEX or aggregator to swap MATIC to POL.
DeFi Protocols and dApps on Polygon PoS
- POL upgrade: All liquidity pools will upgrade from
MATIC to POL on September 4, 2024. No action is required at the
smart contract level.
- Update price oracles: Core developers of DeFi
protocols may consider transitioning to a POL price oracle in the coming
month to ensure accurate price feeds and data integration.
- Deprecate MATIC name on front ends: Additionally,
core developers may consider deprecating the use of MATIC and wMATIC on
dApp front ends in favor of POL and wPOL to ensure accuracy as to relevant
gas token.
DeFi Protocols and dApps on Ethereum
- POL smart contract infrastructure: Consider
establishing smart contracts, liquidity pools, and other relevant dApp
infrastructure to support POL on Ethereum.
- Migration contract: Consider using the Migration Contract to facilitate a smooth user
experience during the transition, allowing users to seamlessly upgrade
their tokens.
DeFi Protocols and dApps on zkEVM
- POL smart contract infrastructure: Consider
establishing smart contracts, liquidity pools, and other relevant dApp
infrastructure to support POL on zkEVM.
- Contract updates: Developers may consider ensuring
that the smart contracts on zkEVM are updated to support POL. This may
require modifications to the contract code to handle the POL token.
MATIC Held in Smart Contracts on
Polygon PoS
- POL upgrade: MATIC tokens held in smart contracts
on Polygon PoS will be upgraded to POL on September 4, 2024. No
action is required from contract owners or users.
MATIC Held in Smart Contracts on
Ethereum
- Manual upgrade needed: For MATIC tokens held in
smart contracts on Ethereum, users will need to manually interact with the
migration contract to upgrade to POL. This process can be done using
the Migration Contract.
- Contract updates: Consider updating the smart
contracts to use POL instead of MATIC. This may involve contract
redeployment or updates to ensure compatibility with POL tokens.
MATIC Held in Smart Contracts on zkEVM
- Manual upgrade or bridging: Similar to Ethereum,
users will need to manually upgrade MATIC tokens held in zkEVM smart
contracts. Users can swap the tokens on a zkEVM DEX or aggregator, or
bridge tokens to Ethereum and use the migration contract.
- Contract updates: Developers may consider ensuring
that the smart contracts on zkEVM are updated to support POL. This may
require modifications to the contract code to handle the POL token
standard.
MATIC Held on Centralized Exchanges
- Check CEX FAQ: Review any FAQ and guidance provided
by the centralized exchange (CEX) to understand their specific process for
the MATIC to POL migration. Most major exchanges will likely initiate the
technical upgrade for their users automatically.
Liquid Staking Providers
- No changes needed: After September 4, 2024 the
unified stake reserve will be denominated in POL; however, staking and
unstaking via MATIC will use the same functions as today.
- Future Upgrade: Consider preparing for an upgrade
to allow for staking and unstaking both MATIC and POL within the same
Liquid Staking Token (LST).
Holders of Liquid Staking Tokens
- Liquid staking programs: Different programs may
have varying processes and timelines.
- Temporary suspension notice: Be aware that there
may be temporary suspensions of issuances and redemptions around the
September 4th upgrade date. This is to allow the upgrade of MATIC to POL.
- Program-specific information: All liquid staking
programs operate differently, so it’s essential to identify information
about each specific program for more tailored instructions or information
regarding the upgrade.
For more information visit https://polygon.technology/blog/save-the-date-matic-pol-migration
