Understanding the POL Upgrade and Migration
What is the POL Upgrade?
The $POL upgrade is a major evolution for the Polygon ecosystem, transitioning $MATIC tokens to POL, a new native gas and staking token, on September 4, 2024. POL aims to enhance network security and functionality, supporting #Polygon âs expanding blockchain capabilities.
How Will the Migration Process Work?
- Polygon PoS Holders: Automatic and seamless transition; no action needed.
- Ethereum Holders: Use a migration contract on Etherscan or DEX aggregators like 1inch or Kyber.
- zkEVM Holders: Bridge $MATIC to Ethereum, then follow the Ethereum migration steps or use zkEVM-based DEXs.
- CEX Users: Major exchanges will handle migration automatically. Check your exchange's guidance.
What Happens to MATIC Holders?
- Polygon PoS: Automatic upgrade to POL on September 4, 2024.
- Ethereum and zkEVM: Manual migration required via migration contract or DEX.
- Smart Contracts: Automatic upgrade to POL without user action.
Benefits to the Polygon Ecosystem
- Enhanced Security and Efficiency: $POL supports the evolving network infrastructure.
- Future-Readiness: Essential for new functionalities, including the AggLayer.
- Community-Driven: Aligns with the broader goals of the Polygon network.
- Increased Utility: Expands use across various layers and applications within the ecosystem.