The long-awaited announcement from the #Polygon community has finally arrived! ๐ #MATIC tokens shall be replaced with $POL tokens effective September 4, 2024. This long-awaited transition is a monumental step for the @Polygon network, one that the community is quite eager to look forward to.
You don't need to take any action for the $MATIC tokens you hold on #Binance ; they will automatically be converted to POL tokens. ๐
What's the POL Upgrade? ๐ค
It's the replacement of existing MATIC tokens with new POL tokens. POL will be the new native gas and staking token of the Polygon PoS network in the future. This upgrade aims to make the network more secure, versatile, and overall useful. So, in a nutshell, POL will play a really important part in Polygon's growth and expansion going forward. ๐
How will this work? ๐ค๏ธ
Start Date: 4th September 2024 ๐
Automatic Conversion: MATIC holders on the Polygon PoS network need not worry, as their tokens will be automatically converted into POL. They can relax and just watch the migration! ๐
Manual Migration: Now, if your MATIC tokens exist on the Ethereum and Polygon zkEVM networks, or are simply deposited in centralized exchanges (CEX), you will have to manually migrate them into POL. This can be done using a migration contract or through decentralized exchanges (DEXs) such as 1inch and Kyber.
What to Do for MATIC Holders? ๐ ๏ธ
On Polygon PoS: Nothing has to be done; all your MATIC tokens will be automatically converted to POL on September 4. ๐
On #Ethereumโ and Polygon zkEVM: You may use this migration contract directly to migrate your MATIC tokens to POL or do the migration via DEXes. ๐ฆ
At CEX: Simply follow the exchange's procedure โ most probably, they will handle the conversion part on your behalf. ๐
Why is this Upgrade Important? ๐
The POL upgrade is what makes the Polygon network more secure, functional and future-ready. On top of it, this is a change powered by the community consensus โ that's why it is even more significant. With extended capabilities and a long-term vision, POL will enable further growth and sustainability within the Polygon network.
The POL upgrade brings an exciting innovation to the Polygon ecosystem. With this change, you will be part of a more robust and flexible network ๐
