Polygon’s $MATIC Migration to $POL, Comes September 4

What does this imply for $MATIC holders?

For holders of $MATIC on Polygon PoS, the transition will probably be automated, with no motion required on their half. Nevertheless, these holding $MATIC on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes) could have to migrate their tokens.

Ethereum holders can use the migration contract supplied or decentralized trade (DEX) aggregators to transform $MATIC to $POL. Equally, holders on Polygon zkEVM can both bridge their $MATIC to Ethereum or use zkEVM-based DEXs. While CEX customers are suggested to observe the precise pointers supplied by their exchanges for the migration course of.

Stakers and delegators of $MATIC on Ethereum will see their staked $MATIC robotically transformed to $POL, with staking rewards persevering with with out interruption.

Preparation for the Transition

To make sure a clean improve, a testnet migration was launched on July 17, 2024 to determine and tackle any potential points earlier than the mainnet transition.

Builders, DeFi protocols, and infrastructure suppliers are inspired to arrange by familiarizing themselves with the improve course of and updating their techniques accordingly. DeFi protocols might want to transition to $POL value oracles and replace sensible contracts, while oracles and wallet providers should regulate their techniques to assist $POL.

The migration from $MATIC to $POL represents a big growth for the Polygon Community, advancing its capabilities and aligning with its imaginative and prescient of a multi-chain ecosystem.

Stakeholders ought to keep knowledgeable by Polygon’s official channels for the most recent updates and directions main as much as the transition on September 4.

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