Key Points
- Today, Polygon completes a migration from MATIC token to POL.
- The transition is an inside a part of the Polygon 2.0 roadmap.
Polygon Labs is making essential strikes for the community’s future. Today, September 4, the Ethereum scaling resolution completes a migration from its token MATIC to POL. Following this transition, POL will grow to be the native token of the community.
1:1 Technical Upgrade of MATIC to POL
In an official announcement, Polygon revealed that the technical improve from MATIC to POL marks a essential level, enhancing utility and aligning with the imaginative and prescient of Polygon as an aggregated community of blockchains.
According to the staff at Polygon, within the preliminary part, POL will succeed MATIC because the native gasoline and staking token for the Polygon PoS community. During the upcoming phases, POL can have a vital position within the AggLayer.
Today’s upgrade from MATIC to POL is anticipated to be seamless, particularly contemplating that the testnet improve of MATIC to POL has been already efficiently executed on July seventeenth, 2024.
In an X announcement, the staff behind Polygon bounced that the improve consists of the next:
- all WMATIC
- MATIC in Smart Contracts
- MATIC being utilized in DeFi
- MATIC in liquidity swimming pools
- all MATIC on Polygon PoS
MATIC Holders on Polygon PoS
The native gasoline token of the Polygon PoS community will probably be upgraded to POL mechanically.
However, in keeping with the official announcement, customers might nonetheless see the token listed as MATIC of their wallets. Regardless, after right this moment’s improve, the native token of the Polygon PoS will probably be POL.
Why “MATIC” May Still Linger?
Wallets should present “MATIC” because of the RPC – a distant Procedure Call, which is a software program communication protocol that allows a program to facilitate to execution of a particular process on a special blockchain community.
Basically, RPCs act as interfaces between the shopper (a program on one pc) and the server (one other program), constructed on a special blockchain community.
The staff at Polygon stated that customers can manually change MATIC to POL of their pockets to replicate the improve, in case the RPC settings will not be up to date.
MATIC Holders on Ethereum or CEXes
Regarding MATIC holders on Ethereum or CEXes, there is perhaps some actions required in the event that they want to improve MATIC to POL.
The staff at Polygon notes that some dApps have independently built-in the migration contract, offering a UI to carry out the migration. When holders are able to improve, the Polygon Portal will present a UI for MATIC to POL migration.
DEX aggregators akin to KyberSwap and CoW Swap built-in the migration contract into their dApps.
As an essential be aware, extra superior technical customers might work together with a migration contract that’s already deployed to improve MATIC to POL on Ethereum permissionlessly.
Loss of Funds Danger
Here are the next triggers of potential fund loss:
- Incorrectly calling the migration contract
- Directly sending funds to the migration contract
MATIC Stakers on Ethereum
MATIC stakers on Ethereum can have an automated conversion – all their staked MATIC will probably be upgraded to POL right this moment, with no further actions wanted.
Why This Upgrade Takes Place
Here are the primary causes for MATIC transitioning to POL:
- POL will function a hyperproductive token, turning into the native gasoline and staking token on Polygon PoS
- POL will assist the community’s future growth and safety as an aggregated community
As the staff behind Polygon famous within the official announcement, the improve right this moment is predicted to happen seamlessly.
