Polygon marks an important technical update today, with its native cryptocurrency migrating from MATIC to POL – a move described as a “critical juncture for Polygon networks, enhancing utility and aligning with the vision of Polygon as an aggregated network of blockchains.”
The Migration from MATIC to POL
The migration is on track to take place today according to an update on Polygon’s official X account:
we interrupt your doomscroll with another reminder MATIC will be upgraded to POL tomorrow
the tl;dr for the hyperproductive token: https://t.co/brdQT9WeFa pic.twitter.com/D63qiqdZPX
— Polygon | Aggregated (@0xPolygon) September 3, 2024
As CryptoPotato reported earlier in July, the transition from MATIC to POL marks an important upgrade in Polygon’s ecosystem. POL is designed to serve as a “hyperproductive” token, meaning that it will be the native gas and staking token on Polygon’s proof-of-stake blockchain.
More than that, it will be “supporting the network’s future expansion and security as an aggregated network.” Note that there’s a 2% annual emission rate as a change to its tokenomics.
Here’s What MATIC Holders Need to Do
Some action may be required if a user wants to upgrade from MATIC to POL. Note that there is no immediate deadline to do so, and any prompts are likely attempts at a scam.
According to the official announcement, users can complete the migration at their convenience. Moreover, some decentralized applications (dApps) have already integrated the migration contract independently, meaning that they might have provided a user interface for easier migration.
Other than that, please refer to the tweet embedded above and the link provided to the Polygon Portal. It will provide you with a UI for the migration.
Those who are more advanced and want to interact directly with the contract should know that calling it incorrectly may result in a loss of funds.
Moreover, MATIC stakers on Ethereum need not worry because all staked MATIC will be upgraded to POL with absolutely no action required.
MATIC’s price is trading at a loss in the past 24 hours, declining by 6.8%. It’s currently the 27th cryptocurrency by means of total market capitalization.
Source: CoinGecko