The Polygon network is expanding its ecosystem with the enhancement of POL, a new token that will serve more purposes than the current MATIC tokens. With this switch from MATIC to POL, some users would undoubtedly want to know how their MATIC tokens will be converted.
If your tokens are on Polygon PoS, Ethereum, or zkEVM, this guide will help you out on how to convert MATIC to POL.
What is the Reason Behind Polygon Moving from MATIC to POL?
Polygon’s approach to the second phase of MATIC to POL evolution is strategic. It aims to enhance the digital asset’s performance and utility across the polygon ecosystem with improved functionalities.
Polygon Networks will rely on POL for its staking hub and governance capabilities for its Aggregation Layer, which is projected to be developed in 2025.
Understanding the Migration Process
Migration from MATIC to POL depends on the network where the tokens are situated. Hence, there are migration thresholds for Polygon PoS, Ethereum, and zkEVM networks.
MATIC to POL Migration on Polygon PoS
For MATIC holders on the Polygon PoS network, the migration will come into effect automatically. You do not have to do anything. There are occasions when, after such an upgrade, “MATIC” will still be visible in the wallet despite the token being upgraded to POL.
In such cases, you will need to change the token symbol from MATIC to POL by yourself. This is very easy to do in the wallet application interface; it requires changing the token ticker to the correct one in MetaMask or analogous wallets.
How to Migrate MATIC to POL on Ethereum
As for the tokens under the Ethereum network, the change will be manual. You will have to go through the Polygon Portal Interface to upgrade. Here’s a step-by-step guide
- Connect to the portal. Navigate to the Polygon portal, where the migration will occur.
- Once you’re connected, click on the option to upgrade your MATIC tokens to POL. A dialog box will open with two requests for action: the initial upgrade and the final migration.
- Check gas fees. Please take time to check gas fees for every transaction you are about to confirm. After confirming the upgrade transaction, allow time for the transaction to be processed.
- Add POL to your wallet: When the migration is finally over, a POL token balance should be reflected in your wallet. If it does not appear automatically, you have to find and add the POL contract address.
Migrating MATIC to POL on zkEVM
If your tokens are on the zkEVM network, you will first be required to migrate them to Ethereum before proceeding to the POL token migration. Follow these steps:
- First, use a bridge such as the Polygon Bridge to move your MATIC tokens from zkEVM to the Ethereum network.
- When MATIC tokens are on Ethereum, follow the earlier described steps for migrating them to POL through the Polygon Portal Interface.
- After the migration is carried out, confirm that POL tokens appear in the wallet. If that’s not the case, you have to manually add the POL contract address to your wallet for visibility.
What Happens if You Don’t Migrate?
If you hold MATIC but decide not to upgrade, you shall forfeit access to various features available on the Polygon network. For instance, once the migration process is over, it will be impossible to use MATIC to pay for staking or gas fees on the network.
Furthermore, not upgrading could cause you to lose your staking rewards.
Other Migration Scenarios
A holder of the MATIC may be involved in many other migration scenarios.
Centralized Exchanges (CEXs): For MATIC holders on a CEX like Binance or Coinbase, the exchange will likely handle the migration. Remember to ask your exchange for specific migration details.
Smart Contracts: MATIC staked in a smart contract on Polygon PoS will be automatically migrated, as there will be no smart contracts in Polygon. Smart contracts in Ethereum or zkEVM layers have to be upgraded or updated manually to perform the migration properly.
Liquid Staking Providers: Users participating in liquid staking programs should remember that such services could be put on hold for some time during the transition. The staked MATIC tokens will be upgraded automatically after the migration process is complete.
What’s Next after MATIC to POL?
In addition to the direct migration, which is most immediate, POL will be an important part of the Polygon network for the present and future. With the upgrade, all token holders can be assured that they will continue enjoying all the operations offered in the Polygon network, like staking, gas fees, and network security.
Final Thoughts
The change from MATIC to POL is the necessary progression for Polygon 2.0. Whether the tokens are on Polygon PoS, Ethereum, or zkEVM, there is a clear sense of order and process for transforming them using the right resources and help.
Complete the migration as soon as possible so you can actively participate in Polygon’s expanding ecosystem and enjoy all the advantages POL offers.
