Polygon’s migration from MATIC to POL is a cornerstone occasion within the Polygon 2.0 roadmap. The improve goals to improve community performance and adaptability. However as a MATIC holder, what do you want to do? On this information, you’ll find out how to switch MATIC to POL, whether or not your tokens are on the Polygon PoS, Ethereum, or the zkEVM community.
KEY TAKEAWAYS
• In case your MATIC tokens are on Polygon PoS, they are going to be mechanically transformed to POL. Nevertheless, you might want to manually replace the token image in your wallet.
• MATIC tokens on Ethereum or zkEVM require guide migration by way of the Polygon Portal Interface, with some customers needing to bridge tokens earlier than upgrading.
• Past the migration, POL will play a key position in securing Polygon’s Aggregation Layer and staking hub, providing further utility.
How to switch MATIC to POL
Transferring or upgrading MATIC to POL varies relying on which community your tokens are held. Right here’s a fast breakdown:
- On Polygon PoS: The switch occurs mechanically, and your MATIC can be upgraded to POL with none further steps. Nevertheless, you would possibly want to change the token image manually.
- On Ethereum or zkEVM, you’ll need to manually migrate MATIC to POL by way of the Polygon Portal Interface. In some circumstances, bridging is likely to be required.
We are going to cowl these and additional migration eventualities within the subsequent sections.
MATIC on Polygon PoS
In case your MATIC tokens are on the Polygon PoS (which is extra like a layer-2 on Ethereum), the migration or switch to the POL ticker will occur mechanically. You do not want to take any guide steps to improve.
Nevertheless, after the migration, your pockets should still show “MATIC” as a substitute of “POL.” If this persists, right here’s what to do:
- Verify the pockets settings and navigate to the Polygon mainnet.
- As soon as there, click on the “three dots” button to entry “settings”.
- When the Settings dashboard opens, hit “Networks,” and you will see that all of the related “Polygon Mainnet” particulars there. You may see how the steered ticker is displaying as POL.
- You may click on on POL, and after some time, the MATIC ticker will change to POL.
This course of will make sure that you’re accurately viewing your upgraded POL.
MATIC on Ethereum
In case your MATIC is held on the Ethereum community, you’ll need to manually migrate your tokens to POL by way of the Polygon Portal Interface.
Listed below are the related steps:
- Head over to the Polygon portal.
- Hit “Hop On” when requested to improve MATIC to POL.
- Make certain the pockets is linked and the Ethereum mainnet is chosen.
- Choose the quantity of MATIC tokens you would like to switch or improve.
- Verify the gas fees, approve the transaction, and await the improve to occur.
Do you know? This course of includes two transactions — one approval of the improve after which the precise improve. So, don’t fret if you happen to see two gasoline payment parts on the display.
After approval, click on “Improve” to swap your MATIC tokens for POL tokens on a 1:1 foundation. Affirm the “Improve” transaction in your pockets.
As soon as the transaction is full, you’ll see the POL tokens in your pockets. If the tokens don’t seem, you would possibly want to manually add the POL contract deal with.
MATIC on Polygon zkEVM
In case your MATIC tokens are on Polygon zkEVM, you’ll want to bridge them to Ethereum earlier than migrating them to POL.
Listed below are the related steps:
- Use a bridge like Polygon Bridge to switch your MATIC from zkEVM to the Ethereum community.
- Choose zkEVM because the supply community and Ethereum because the vacation spot community, then approve the bridging course of.
As soon as the MATIC tokens are on Ethereum, comply with the identical steps as described above to full the migration.
Are you able to instantly transfer MATIC from zkEVM to Polygon PoS?
Why transfer MATIC to Ethereum when you could possibly merely migrate MATIC to Polygon PoS instantly? In brief, the official migration date for automated PoS-driven upgrades was set for Sep. 4, 2024. If automated upgrades had been nonetheless underway, this is able to set off your MATIC to improve to POL mechanically. The method now has just a few extra further steps following the passing of that deadline.
Different migration eventualities
Aside from Polygon PoS, Ethereum, and zkEVM, different migration contexts embody centralized exchanges (CEXs), smart contracts, and liquid staking suppliers. Right here’s a fast take a look at every state of affairs.
CEXs: Customers holding MATIC on exchanges like Coinbase or Binance could not want to take any motion, because the exchanges sometimes deal with the migration on their behalf. Customers should test for exchange-specific updates.
Sensible contracts: MATIC tokens held in good contracts on Polygon PoS will mechanically improve, whereas these on Ethereum or zkEVM would require guide migration or contract updates.
Liquid staking suppliers: Some liquid staking applications could quickly pause operations across the improve. Staked tokens will improve mechanically.
Polygon has not but imposed a migration deadline for the mentioned eventualities.
What occurs if you don’t migrate?
When you maintain MATIC and don’t migrate it to POL, you would possibly lose entry to important capabilities inside the Polygon ecosystem. These capabilities embody paying for staking and gasoline. Not migrating MATIC to POL on Ethereum and zkEVM can lead to a loss in staking rewards.
The position of POL past the improve
Whereas the main target at present is a ticker change initiative to switch MATIC to POL, we anticipate POL to serve a a lot bigger position sooner or later. The token will play a task in securing Polygon’s Aggregation Layer and supporting interoperability. Plus, the brand new token may even play an element in Polygon’s upcoming staking hub, set to launch in 2025. Due to this fact, it’s best to switch MATIC to POL as promptly as attainable.
Disclaimer: This information is for informational functions solely and shouldn’t be thought-about funding recommendation.
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