Polygon pushing the MATIC to POL migration is a cornerstone event in the Polygon 2.0 roadmap. The migration or upgrade aims to enhance network functionality and flexibility. But as a MATIC holder, what do you need to do? In this guide, you will learn how to transfer MATIC to POL, whether your tokens are on the Polygon PoS, Ethereum, or the zkEVM network.
KEY TAKEAWAYS
• If your MATIC tokens are on Polygon PoS, they will be automatically converted to POL. However, you may need to manually update the token symbol in your wallet.
• MATIC tokens on Ethereum or zkEVM require manual migration via the Polygon Portal Interface, with some users needing to bridge tokens before upgrading.
• Beyond the migration, POL will play a key role in securing Polygon’s Aggregation Layer and staking hub, offering additional utility.
How to transfer MATIC to POL
Transferring or upgrading MATIC to POL varies depending on which network your tokens are held. Here’s a quick breakdown:
- On Polygon PoS: The transfer happens automatically, and your MATIC will be upgraded to POL without any extra steps. However, you might need to change the token symbol manually.
- On Ethereum or zkEVM, you will need to manually migrate MATIC to POL through the Polygon Portal Interface. In some cases, bridging might be required.
We will cover these and further migration scenarios in the subsequent sections.
MATIC on Polygon PoS
If your MATIC tokens are on the Polygon PoS (which is more like a layer-2 on Ethereum), the migration or transfer to the POL ticker will happen automatically. You do not need to take any manual steps to upgrade.
However, after the MATIC to POL migration, your wallet may still display “MATIC” instead of “POL.” If this persists, here’s what to do:
- Check the wallet settings and navigate to the Polygon mainnet.
- Once there, click the “three dots” button to access “settings”.
- When the Settings dashboard opens, hit “Networks,” and you will find all the relevant “Polygon Mainnet” details there. You can see how the suggested ticker is showing as POL.
- You can click on POL, and after a while, the MATIC ticker will change to POL.
This process will ensure that you’re correctly viewing your upgraded POL.
MATIC on Ethereum
If your MATIC is held on the Ethereum network, you will need to manually migrate your tokens to POL through the Polygon Portal Interface.
Here are the associated steps:
- Head over to the Polygon portal.
- Hit “Hop On” when asked to upgrade MATIC to POL.
- Make sure the wallet is connected and the Ethereum mainnet is selected.
- Select the amount of MATIC tokens you wish to transfer or upgrade.
- Check the gas fees, approve the transaction, and wait for the upgrade to happen.
Did you know? This process involves two transactions — one approval of the upgrade and then the actual upgrade. So, do not fret if you see two gas fee elements on the screen.
After approval, click “Upgrade” to swap your MATIC tokens for POL tokens on a 1:1 basis. Confirm the “Upgrade” transaction in your wallet.
Once the transaction is complete, you’ll see the POL tokens in your wallet. If the tokens don’t appear, you might need to manually add the POL contract address.
MATIC on Polygon zkEVM
If your MATIC tokens are on Polygon zkEVM, you’ll need to bridge them to Ethereum before migrating them to POL.
Here are the associated steps:
- Use a bridge like Polygon Bridge to transfer your MATIC from zkEVM to the Ethereum network.
- Select zkEVM as the source network and Ethereum as the destination network, then approve the bridging process.
Once the MATIC tokens are on Ethereum, follow the same steps as described above to complete the migration.
Can you directly move MATIC from zkEVM to Polygon PoS?
Why move MATIC to Ethereum when you could simply migrate MATIC to Polygon PoS directly? In short, the official migration date for automatic PoS-driven upgrades was set for Sep. 4, 2024. If automatic upgrades were still underway, this would trigger your MATIC to upgrade to POL automatically. The process now has a few more extra steps following the passing of that deadline.
Other migration scenarios
Apart from Polygon PoS, Ethereum, and zkEVM, other migration contexts include centralized exchanges (CEXs), smart contracts, and liquid staking providers. Here’s a quick look at each scenario.
CEXs: Users holding MATIC on exchanges like Coinbase or Binance may not need to take any action, as the exchanges typically handle the migration on their behalf. Users must check for exchange-specific updates.
Smart contracts: MATIC tokens held in smart contracts on Polygon PoS will automatically upgrade, while those on Ethereum or zkEVM will require manual migration or contract updates.
Liquid staking providers: Some liquid staking programs may temporarily pause operations around the upgrade. Staked tokens will upgrade automatically.
Polygon has not yet imposed a migration deadline for the discussed scenarios.
What happens if you do not migrate?
If you hold MATIC and don’t migrate it to POL, you might lose access to essential functions within the Polygon ecosystem. These functions include paying for staking and gas. Not migrating MATIC to POL on Ethereum and zkEVM can lead to a loss in staking rewards.
The role of POL beyond the upgrade
While the focus currently is a ticker change initiative to transfer MATIC to POL, we expect POL to serve a much larger role in the future. The token will play a role in securing Polygon’s Aggregation Layer and supporting interoperability. Plus, the new token will also play a part in Polygon’s upcoming staking hub, set to launch in 2025. Therefore, you should transfer MATIC to POL as promptly as possible.
Disclaimer: This guide is for informational purposes only and should not be considered investment advice.
Trusted
Disclaimer
In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
