Introduction: Hello, Hubbers. In light of the transition from MATIC to POL, Polygon will implement a mainnet upgrade on September 4, 2024. This upgrade will transition from its native token, MATIC, to a new token with the ticker POL and updated smart contracts, following community approval.
What is the POL Upgrade? The POL upgrade is a significant step for the Polygon network. POL will become the primary token for gas fees and staking within the network in its initial phase. It is designed to maintain the existing tokenomics, distribution, and total supply of MATIC.
How Will the Migration Process Work? The migration process is straightforward. MATIC holders will need to send their tokens to a designated smart contract, which will automatically convert MATIC to POL at a 1:1 ratio. For MATIC stakers, the conversion will be automatic, and their staked MATIC will accrue staking rewards while staked.
What Happens to MATIC Holders? MATIC holders on the Polygon PoS network won’t need to take any action. However, those holding MATIC on Ethereum, Polygon zkEVM, and centralized exchanges may need to migrate their tokens. Detailed instructions will be provided by Polygon and third-party platforms.
Is This Move Beneficial to the Polygon Ecosystem? Yes, this move is expected to be highly beneficial. POL will expand the utility of Polygon’s native token, reflecting and powering the vision of Polygon as an ever-growing network of aggregated blockchains. This upgrade aims to enhance network security, scalability, and overall functionality.
Conclusion: The transition from MATIC to POL marks a new era for the Polygon ecosystem. Stay tuned for more updates and ensure you follow the migration instructions to make the most of this upgrade.
Hashtags: #Polygon #PolygonHub $MATIC $POL