MATIC to POL Migration Is Now Live (2024)

Image source: Dribbble

The wait is finally over: MATIC has been upgraded to POL across the Polygon network! That means every transaction that takes place on Polygon PoS, starting today, uses POL as the native gas token.

For users with MATIC on Ethereum, the Polygon Portal interface provides a 1:1 migration: https://portal.polygon.technology/pol-upgrade

Have more questions about the POL upgrade? Check out the migration guide (in Notion), here.

This community-driven upgrade comes at a crucial moment when every aspect of Polygon is changing: Polygon is emerging as an aggregated blockchain network via the AggLayer, unifying liquidity and state across a web of chains.

Get Agg-pilled and understand the importance of a Pre-PIP discussion that, if it reaches community consensus, would see Polygon PoS connect to the AggLayer as part of its evolution into a ZK chain—and thereby bring POL into a broader aggregated network.

The POL migration has not only upgraded the native token for the Polygon PoS network, but in future phases, this upgrade will expand the utility of Polygon’s native token to reflect and power the vision of Polygon as an ever-growing network of aggregated blockchains.

At its core, POL is a hyperproductive token, a utility token that, subject to community consensus in the future, will have extended roles to play across a number of different dimensions that go far beyond securing a single network. It’s an exciting, future-proof evolution of what utility tokens look and feel like, with the possibility for expanded capabilities.

In the first phase of the POL migration, per community consensus, POL will succeed MATIC as the native gas and staking token for Polygon PoS. Subsequent phases, as dictated by community consensus, will see POL play an important role in the AggLayer and networks and services connected to it. You can read more about the characteristics of POL in the introduction post.

If you want to learn how POL unlocks growth across the Polygon network, read this blog.

Here are the details of what the upgrade to POL means, right now:

• Backwards compatibility. This ensures that existing applications and users experience a seamless transition without disruption, facilitating a smoother upgrade process, and preserving the stability of the Polygon network. Makes it easy for validators, delegates, apps, and users to transition smoothly from MATIC to POL.
• Native gas and staking token for Polygon PoS. POL now secures the Polygon PoS network—and every transaction on the network is fueled by POL.
• Future utility for an aggregated network subject to community consensus. With a staking hub planned for 2025, in the long term, the current community consensus would see POL support broader roles in an aggregated network.
• Tokenomic Changes. The initial POL to MATIC upgrade ratio is 1:1, with an important tokenomics change, subject to ongoing community consensus, that has a 2% emission over a decade to support network security and community development. Half goes to the Polygon PoS staking contract for validator rewards to secure the network, and the other half to a community treasury, supporting builders through a grant program overseen by an independent board accountable to the community. This emission model will continue for as long as needed, with the community holding the power to adjust or discontinue based on evolving needs.

As the community builds towards the exciting vision of an aggregated Web3, the network has a native token that will help secure it and support the growth of this vision.

In the interim, as Polygon continues to evolve into a multi-pronged, aggregated network, POL will be a crucial part of the massively used Polygon PoS network: It will be used as the native gas and staking token on Polygon PoS—and therefore fundamental to Polygon network security.

So, what immediate actions do you need to take?

• For holders of MATIC on Polygon PoS, no action will be required. POL will be upgraded automatically to become the native gas and staking token on Polygon PoS without having to lift a finger.
  • That said, users will need to update the native token symbol in their wallet’s network settings. If the token symbol isn’t updated, the wallet may continue to display “MATIC” as the token name instead of “POL.”
  • Follow instructions for updating the token symbol, here.
• For holders of MATIC on Ethereum, migrate to POL via the Polygon Portal Interface: https://portal.polygon.technology/pol-upgrade

For Oracles, DeFi protocols, smart contract developers, wallets, bridges, RPC providers, etc, more information can be found in the FAQ, here.

For more information, check out this X (Twitter) post describing what you need to know, visit the migration guide, or consult the POL migration docs. And make sure you tune into the blog and our social channels to keep up with updates about Polygon.

The future of Web3 is aggregated.

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