On September 4th, the long-awaited upgrade from MATIC to POL continues. In the initial phase, POL replaces MATIC as the native gas and staking token for the Polygon PoS network. In subsequent phases, POL will serve a crucial role in the AggLayer
Polygon Labs
July 18, 2024
Image source: Dribbble
tl;dr
- September 4th is the expected mainnet date for the MATIC → POL upgrade
- As the upgrade to MATIC, in the initial phase, POL will become the gas and staking token of Polygon PoS
- In subsequent phases, the community can decide to expand the utility of POL to serve a crucial role in the AggLayer
- Holders of MATIC on Polygon PoS won’t have to take any action
- Holders of MATIC on Ethereum, Polygon zkEVM and in CEXes may have to migrate (see below and look for communications from third parties)
- MATIC stakers and delegators on Ethereum do not need to take action
- A testnet migration went live on July 17th
Oh, hi! You saw the headline, so you stopped by to see what’s up. It’s a biggie.
After reaching vibrant community consensus, today the date has been announced for the MATIC to POL upgrade on Polygon: The POL upgrade is coming 9/4!
Mark your calendars, tattoo it backwards on your forehead, set your sundials. It’s almost here.
POL is a fully community-driven upgrade. Here’s a brief recap of the community governance process that made it possible. When POL was first proposed last year as an upgrade to MATIC in PIP-17, the outpouring of community feedback was immediate and immense. A new direction for Polygon as an aggregated blockchain network, the community reasoned, required an upgraded token—one that would come with expanded utility.
When the POL ERC-20 contracts went live on Ethereum last October, it was the first step toward achieving this community-led vision. Subsequent PIPs and community consensus refined POL in more depth, setting the stage for the full upgrade that is outlined in this post.
POL is an exciting and highly anticipated upgrade, mainly because it further expands the utility of Polygon’s native token to reflect and power the vision of Polygon as an ever-growing network of aggregated blockchains. As described in the intro post, POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself. It feels good to know that, as the community builds towards this exciting vision, the network has a future-proof native token that can secure it and support its growth. In the long term, the current community consensus proposes that POL will support broader roles in the Polygon staking hub (to be released in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).
But even as the aggregated Polygon network emerges, POL will have immediate utility on the widely adopted Polygon Proof-of-Stake (PoS) network that exists today: POL will be the native gas and staking token of Polygon PoS—and fundamental to Polygon network security.
Following PIP-42, consensus was reached that Polygon PoS validators must stake POL (the upgrade to MATIC) to earn protocol rewards and transaction fees in POL.
That means every single transaction that takes place on Polygon PoS, starting 9/4, will use POL as the native gas token.
That’s the short term utility.
So what does this all mean for holders of MATIC?
Users with MATIC on Ethereum can upgrade today via the Polygon Portal Interface: https://portal.polygon.technology/pol-upgrade
- 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.
- For holders of MATIC on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes), some action may be required if a user desires to upgrade MATIC to POL. When MATIC holders are ready to upgrade, a migration contract that is already deployed will enable holders to upgrade MATIC to POL on Ethereum permissionlessly. More information is available at the bottom of this blog.
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To ensure a smooth technical upgrade, there are currently no deadlines for MATIC holders on Ethereum and Polygon zkEVM to upgrade to POL. However, the community will have the power to establish a deadline in the future.
Upgrading Polygon PoS from MATIC to POL is a significant undertaking that requires the highest security possible, including robust testing. To that end, the POL upgrade on testnet went live on July 17th to serve as a dress rehearsal and identify and fix potential issues before the mainnet migration. A testnet migration allows users, developers, and infrastructure providers to familiarize themselves with the processes of upgrading, ensuring technical validation and minimizing disruptions during the mainnet upgrade.
Before all this happens, it’s natural that network participants may have some questions. Below, find specific information about the upgrade and address various scenarios from different perspectives.
Detailed Migration Information
MATIC Holders on Polygon PoS
- No action is needed from users.BUT NOTE:If users don’t update RPC settings in a wallet (Metamask, Rabby, Zerion, etc.), the wallet may still display “MATIC” instead of “POL” as the token symbol for the native gas token for the Polygon PoS chain.
- On September 4, 2024, all MATIC tokens on the Polygon PoS chain will migrate to POL tokens.
MATIC Holders on Ethereum
- Users with MATIC on Ethereum: Upgrade today via the Polygon Portal Interface: https://portal.polygon.technology/pol-upgrade
- Directly calling the migration contract. *NOTE* This is not financial advice and incorrectly calling the migration contract can lead to irreversible loss of funds.For technical users and developers who have a thorough understanding of how to call the migration contract, find it here. Again, please note this is for advanced users; incorrectly interacting with the migration contract may lead to the irreversible loss of funds. DO NOT send MATIC to the migration smart contract address directly. Sending MATIC to the smart contract address will result in loss of funds. To execute a migration using the migration smart contract directly, users must call the migration() function on the migration smart contract. Or just use a DEX aggregator. Final disclaimer: sending MATIC directly to the migration smart contract will result in a loss of funds.
MATIC Holders on zkEVM
- Bridge to Ethereum: Users may bridge MATIC tokens from zkEVM to Ethereum and then follow instructions for “MATIC Holders on Ethereum” above to upgrade to POL.
- Swap on zkEVM DEX or DEX aggregator: Alternatively, users can find a zkEVM-based DEX or aggregator to swap MATIC to POL.
DeFi Protocols and dApps on Polygon PoS
- POL upgrade: All liquidity pools will upgrade from MATIC to POL on September 4, 2024. No action is required at the smart contract level.
- Update price oracles: Core developers of DeFi protocols may consider transitioning to a POL price oracle in the coming month to ensure accurate price feeds and data integration.
- Deprecate MATIC name on front ends: Additionally, core developers may consider deprecating the use of MATIC and wMATIC on dApp front ends in favor of POL and wPOL to ensure accuracy as to relevant gas token.
DeFi Protocols and dApps on Ethereum
- POL smart contract infrastructure: Consider establishing smart contracts, liquidity pools, and other relevant dApp infrastructure to support POL on Ethereum.
- Migration contract: Consider using the Migration Contract to facilitate a smooth user experience during the transition, allowing users to seamlessly upgrade their tokens.
DeFi Protocols and dApps on zkEVM
- POL smart contract infrastructure: Consider establishing smart contracts, liquidity pools, and other relevant dApp infrastructure to support POL on zkEVM.
- Contract updates: Developers may consider ensuring that the smart contracts on zkEVM are updated to support POL. This may require modifications to the contract code to handle the POL token.
MATIC Held in Smart Contracts on Polygon PoS
- POL upgrade: MATIC tokens held in smart contracts on Polygon PoS will be upgraded to POL on September 4, 2024. No action is required from contract owners or users.
MATIC Held in Smart Contracts on Ethereum
- Manual upgrade needed: For MATIC tokens held in smart contracts on Ethereum, users will need to manually interact with the migration contract to upgrade to POL. This process can be done using the Migration Contract.
- Contract updates: Consider updating the smart contracts to use POL instead of MATIC. This may involve contract redeployment or updates to ensure compatibility with POL tokens.
MATIC Held in Smart Contracts on zkEVM
- Manual upgrade or bridging: Similar to Ethereum, users will need to manually upgrade MATIC tokens held in zkEVM smart contracts. Users can swap the tokens on a zkEVM DEX or aggregator, or bridge tokens to Ethereum and use the migration contract.
- Contract updates: Developers may consider ensuring that the smart contracts on zkEVM are updated to support POL. This may require modifications to the contract code to handle the POL token standard.
MATIC Held on Centralized Exchanges (CEXes)
- Check CEX FAQ: Review any FAQ and guidance provided by the centralized exchange (CEX) to understand their specific process for the MATIC to POL migration. Most major exchanges will likely initiate the technical upgrade for their users automatically.
Liquid Staking Providers
- No changes needed: After September 4, 2024 the unified stake reserve will be denominated in POL; however, staking and unstaking via MATIC will use the same functions as today.
- Future Upgrade: Consider preparing for an upgrade to allow for staking and unstaking both MATIC and POL within the same Liquid Staking Token (LST).
Holders of Liquid Staking Tokens
- Liquid staking programs: Different programs may have varying processes and timelines.
- Temporary suspension notice: Be aware that there may be temporary suspensions of issuances and redemptions around the September 4th upgrade date. This is to allow the upgrade of MATIC to POL.
- Program-specific information: All liquid staking programs operate differently, so it’s essential to identify information about each specific program for more tailored instructions or information regarding the upgrade.
Oracles
- List POL price feeds: Core developers of oracles may consider updating for POL price feeds to ensure a smooth transition and accurate data. This will help maintain the integrity and reliability of price feed services during and after the upgrade.
Wallet Providers
- Update symbol: Wallet providers may consider changing the symbol of the native gas token from MATIC to POL on the Polygon PoS chain.
- Confirm embedded dApp readiness: Confirm that wallet-embedded dApps (bridges, staking providers, etc.) are prepared for the September 4th upgrade of the native bridge.
RPC Providers
- Update symbol: RPC providers may consider changing the symbol in the RPC settings from MATIC to POL. This update is necessary to correctly display and interact with the POL token standard across the network.
Bridges
- Prepare for upgrade: Core bridge developers may work to ensure that the bridge is ready for the native bridge upgrade. This includes updating any systems and protocols to handle POL as the only withdrawable asset.
Stakers/Delegators of MATIC on Ethereum to Secure Polygon PoS Network
- Review PIP-42: It contains additional information about the upgrade of staking for Polygon PoS.
- Automatic Conversion: All staked MATIC will be upgraded to POL on September 4th, with no additional action required.some text
- Users that DO NOT want their staked MATIC to upgrade to staked POL will need to unstake their MATIC on Ethereum before September 1st. Reminder that there is a 48-hour withdrawal period so be mindful to leave enough time for a successful withdrawal.
- Staking Rewards Continuity: Users’ staked tokens will continue to earn rewards post-upgrade.
- Full Backwards Compatibility: The existing functions will remain for the use of staking and unstaking MATIC. New functions will be present on the contract for staking POL. The unified staking reserve will be dominated in POL.
Tune into the blog and our social channels to keep up with updates about Polygon.
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