1. What is the POL upgrade?

The POL upgrade represents a significant transition from Polygon's native MATIC token to the new POL token, which will be available on September 4, 2024. This upgrade is part of Polygon's "Polygon 2.0" plan, which intends to increase governance, interoperability, and scalability throughout the network. The POL token will serve as a multi-purpose utility token, allowing users to participate in governance, execute smart contracts, and facilitate transactions throughout the ecosystem. Existing MATIC holders will be promptly issued POL tokens at a 1:1 ratio, streamlining the migration process.

2.  How will the migration process work?

The Polygon network will migrate from MATIC to POL on September 4, 2024. Here's how the process will work for various parties.

MATIC Holders on Polygon PoS

. No action is needed from users.

. On September 4, 2024, all MATIC tokens on the Polygon PoS chain will move to POL tokens at a 1:1 ratio.

MATIC Holders on Ethereum

. Users can use the migration contract accessible at the Etherscan Link to upgrade from MATIC to POL.

. Users can also use decentralised exchange (DEX) aggregators like 1inch, Kyber, or CowSwap to trade MATIC for POL.

MATIC Holders on zkEVM

. Users can bridge MATIC tokens from zkEVM to Ethereum and then follow the steps to upgrade on Ethereum.

. Users can also locate a zkEVM-based DEX or aggregator for converting MATIC to POL.

3. What happens to MATIC holders

MATIC holders will encounter different processes depending on where their tokens are stored:

. Polygon PoS Holders: No action is required. MATIC will automatically convert to POL on September 4, 2024.

. Ethereum holders can utilise a migration contract or decentralised exchange (DEX) aggregators to convert MATIC into POL.

. Polygon zkEVM holders can bridge MATIC to Ethereum or use zkEVM-based DEXs to upgrade.

. Centralised Exchange (CEX) holders should follow particular rules from their exchanges regarding the relocation procedure.

4. Is this move beneficial to the Polygon Ecosystem?

The move from MATIC to POL is expected to have a substantial impact on the Polygon ecosystem. This improvement improves scalability and interoperability across many chains in the network, in line with the larger Polygon 2.0 concept.

POL will function as a versatile utility token, facilitating governance, staking, and transaction validation across several protocols, including zkEVM and Supernets.