What is MATIC to POL migration and what to expect from it?
Polygon is rolling out the 2.0 update on 4th September 2024, changing MATIC to POL. Learn more about it and how it affects holders.
MATIC is migrating to POL: Learn what it is and what to expect
Polygon, the largest layer-two scaling solution in the Ethereum (ETH) network, has announced an official date for a full migration and it’s on 4th September 2024. That means MATIC will be obsolete and POL will be the new standard for the network.
Key Takeaways
- MATIC will be automatically converted to POL for all users unless the assets are held outside of Polygon.
- Assets stored in smart contracts outside of Polygon can be migrated manually to POL using decentralised exchanges or aggregators.
- The new Polygon 2.0 introduces the AggLayer, a new mechanism to make the network more liquid without raising gas fees.
How is POL different from MATIC?
POL is an upgrade and replacement for MATIC as the native token on the new Polygon 2.0. Though it still uses a proof-of-stake (PoS) consensus system, it is vastly different because of the new Aggregation Layer (AggLayer). It hosts numerous ZK-powered layer 1 and layer 2 blockchains powered and protected by one set of validators.
The new AggLayer’s horizontal scaling makes multi-chain liquidity using POL faster and more cost-effective than MATIC. It’s a great solution to the increasingly expensive gas system in Ethereum, ensuring that it can support more developers of decentralised apps. Thus, it lays the foundation for supporting all kinds of Web 3.0 projects including finance, Bitcoin casino games, Metaverse, and more.
What should users do in preparation for the transition?
MATIC token holders don’t need to do anything. As long as they are on the Polygon PoS network, the blockchain will handle the transition for you. The MATIC cryptocurrency will be converted into POL as soon as the changes are rolled out on 4th September with no issues for users, traders, and holders worldwide.
However, if your MATIC is stored on systems like Polygon’s zkEVM rollup or offered at an exchange, you’ll need to migrate your assets from MATIC to POL manually. One method is bridging your MATIC to ETH using ChainPort’s bridge.
Another method is to swap MATIC to POL on decentralised exchanges (DEX) or an aggregator. Likewise, you can swap it for a different asset like ETH if you prefer to use it outside of Polygon like for trading or for betting at Gamdom.
MATIC stored in smart contracts also need to be addressed. If it’s stored in a smart contract on the Polygon network, you don’t have to do anything. It will be converted into POL when the update comes. MATIC in Ethereum smart contracts need a manual interaction to migrate MATIC tokens to POL. Use the Etherscan Migration Contract as a proposed option from Polygon.
MATIC can automatically migrate to POL even outside the Polygon network, but the concern is whether the smart contract holding it is compatible with the latter asset. If it’s not, then there will be complications to the transition. The developers holding investors’ MATIC should update their smart contracts to support POL which will solve the issue.
