According to Polygon’s official roadmap, the Polygon token migration will upgrade MATIC to POL.
Key Details of the Polygon Token Migration
- Mainnet Upgrade Date: The switch from MATIC to POL will happen on September 4th, 2024.
- POL’s New Roles: POL will replace MATIC as the gas and staking token on the Polygon PoS network initially.
- Automatic Upgrade for Polygon PoS Users: If you hold MATIC on Polygon PoS, you don’t need to do anything. The upgrade will occur automatically.
- Manual Migration for Others: If you hold MATIC on Ethereum, Polygon zkEVM, or centralized exchanges, you may need to manually migrate to POL.
- Testnet Success: The testnet migration on July 17th, 2024, was successful, ensuring a smooth mainnet upgrade.
- Expanded POL Utility: POL will have more uses than just being a gas token. It will also play a role in the AggLayer and future Polygon staking hubs.
- Community-Driven Upgrade: The move to POL comes from community consensus and governance, showing the collective vision for Polygon’s future.
- Migration Deadline: There is no set deadline for Ethereum and zkEVM users to switch to POL, but the community may set one later.
- Updates for Developers: Developers and service providers should update oracles, wallets, and RPC settings to support the transition from MATIC to POL.
- Staking Continuity: Existing MATIC stakers on Ethereum will automatically switch to staking POL, keeping rewards and compatibility intact.
Disclaimer: Cryptocurrencies are volatile and risky. This information is for educational purposes only and isn’t financial advice. Always do your own research before investing.