Polygon’s push to migrate MATIC to POL is a cornerstone event in the Polygon 2.0 roadmap. The upgrade aims to streamline network operations and redefine the native token for enhanced staking and transaction handling. As a MATIC holder, what do you need to know? Whether your tokens are on Polygon PoS, Ethereum, or zkEVM, this guide will help you transfer MATIC to POL efficiently.
While the transition is automatic for most users on Polygon PoS, others may need to take additional steps based on where they hold their MATIC tokens.
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 add the POL contract address manually.
Fact check:
A significant issue arose where many users reported that their wallets continued to display “MATIC” instead of “POL” due to outdated wallet settings. Polygon has since emphasized updating the token symbol in MetaMask and other wallets to reflect POL. This has been a common friction point and has prompted us to publish step-by-step guidance.
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 Sept. 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.
Users on Ethereum and xkEVM still need to manually migrate, even though the deadline is passed.
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.
Note: Binance fully integrated POL in early September, converting all MATIC in Flexible Earn, Locked Products, and Margin positions. Users need to ensure that these products reflect the correct POL balances and review any adjustments to collateral and loan structures. Binance had to manage several auto-conversions and margin adjustments, which created minor disruptions.
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.
Are there any deadlines?
Despite the live migration, Polygon has not set a hard deadline for manual migrations from Ethereum and zkEVM networks. This flexibility is intended to accommodate users still holding out on Ethereum and decentralized platforms.
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.
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