POL is an upgrade of $MATIC, Polygon’s native token. The POL upgrade is the result of extensive community governance, with the initial proposal (PIP-17) receiving overwhelming feedback and support. POL ERC-20 contracts launched on Ethereum in October, marking the first step towards realizing this community-led vision.
The POL upgrade is designed to expand the utility of Polygon's native token, reflecting the network's growth as a general blockchain ecosystem. POL is envisioned as a "hyper-yield" token that can provide valuable services to any chain in the Polygon network, including AggLayer.
In the long term, POL is expected to play a key role in Polygon’s staking hub, scheduled for release in 2025, enabling block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
💥Moving Process 💥
The MATIC migration to POL will take place on September 4, 2024, with the mainnet launch. The process will vary depending on where the MATIC tokens are currently held:
MATIC Holders on Polygon PoS: No action required. MATIC tokens will automatically migrate to POL, becoming the native staking and gas token on the Polygon PoS network.
MATIC holders on Ethereum: Users can use the migration contract deployed on Ethereum to upgrade their MATIC tokens to POL. Alternatively, they can use decentralized exchange (DEX) aggregators such as 1inch, Kyber, or CowSwap to facilitate the migration.
MATIC holders on Polygon zkEVM: Users have two options: connect their MATIC tokens to Ethereum and follow the Ethereum holder guide or find a zkEVM-based DEX or aggregator to exchange MATIC for POL.
MATIC Holders on Centralized Exchanges (CEX): Users should contact their respective exchange for guidance on the migration process, as most major exchanges will likely automatically handle the upgrade for their users.
👉 The migration of MATIC to POL marks a major milestone in Polygon’s journey as a blockchain aggregator. By upgrading its native token, Polygon is positioning itself for future growth, increased adoption, and the development of more advanced decentralized applications. As the mainnet launch approaches, it is important that MATIC holders and ecosystem participants familiarize themselves with the migration process and take the necessary actions to ensure a smooth transition. With the POL upgrade, Polygon is ready to open up new possibilities and drive innovation in the blockchain space.