Polygon’s migration from MATIC to POL is a cornerstone occasion within the Polygon 2.0 roadmap. The improve goals to boost community performance and suppleness. However as a MATIC holder, what do that you must do? On this information, you’ll learn to switch MATIC to POL, whether or not your tokens are on the Polygon PoS, Ethereum, or the zkEVM community.
Tips on how to switch MATIC to POL
Transferring or upgrading MATIC to POL varies relying on which community your tokens are held. Right here’s a fast breakdown:
- On Polygon PoS: The switch occurs robotically, and your MATIC might be upgraded to POL with none further steps. Nonetheless, you would possibly want to alter the token image manually.
- On Ethereum or zkEVM, you will want to manually migrate MATIC to POL by way of the Polygon Portal Interface. In some circumstances, bridging is perhaps required.
We are going to cowl these and additional migration eventualities within the subsequent sections.
MATIC on Polygon PoS
In case your MATIC tokens are on the Polygon PoS (which is extra like a layer-2 on Ethereum), the migration or switch to the POL ticker will occur robotically. You don’t want to take any guide steps to improve.
Migrate MATIC to POL on the Polygon PoS: MetaMask
Nonetheless, after the migration, your pockets should still show “MATIC” as an alternative of “POL.” If this persists, right here’s what to do:
- Examine the pockets settings and navigate to the Polygon mainnet.
- As soon as there, click on the “three dots” button to entry “settings”.
- When the Settings dashboard opens, hit “Networks,” and you’ll discover all of the related “Polygon Mainnet” particulars there. You may see how the prompt ticker is displaying as POL.
- You may click on on POL, and after some time, the MATIC ticker will change to POL.
Altering MATIC to POL ticket: MetaMask
This course of will make sure that you’re accurately viewing your upgraded POL.
MATIC to POL ticker change full: MetaMask
MATIC on Ethereum
In case your MATIC is held on the Ethereum community, you will want to manually migrate your tokens to POL by way of the Polygon Portal Interface.
Polygon Portal for upgrading to POL: Polygon
Listed here are the related steps:
- Head over to the Polygon portal.
- Hit “Hop On” when requested to improve MATIC to POL.
- Be certain that the pockets is related and the Ethereum mainnet is chosen.
- Choose the quantity of MATIC tokens you want to switch or improve.
- Examine the fuel charges, approve the transaction, and await the improve to occur.
After approval, click on “Improve” to swap your MATIC tokens for POL tokens on a 1:1 foundation. Affirm the “Improve” transaction in your pockets.
Selecting the right community: Polygon
As soon as the transaction is full, you’ll see the POL tokens in your pockets. If the tokens don’t seem, you would possibly must manually add the POL contract deal with.
Interface for migrating to POL: polygon
MATIC on Polygon zkEVM
In case your MATIC tokens are on Polygon zkEVM, you’ll must bridge them to Ethereum earlier than migrating them to POL.
Bridging interface: Polygon Portal
Listed here are the related steps:
- Use a bridge like Polygon Bridge to switch your MATIC from zkEVM to the Ethereum community.
- Choose zkEVM because the supply community and Ethereum because the vacation spot community, then approve the bridging course of.
As soon as the MATIC tokens are on Ethereum, comply with the identical steps as described above emigrate MATIC to Ethereum.
Are you able to instantly transfer MATIC from zkEVM to Polygon PoS?
Why transfer MATIC to Ethereum when you might merely migrate MATIC to Polygon PoS instantly? Briefly, the official migration date for automated PoS-driven upgrades was set for Sep. 4, 2024. If automated upgrades had been nonetheless underway, this could set off your MATIC to improve to POL robotically. The method now has just a few extra further steps following the passing of that deadline.
Different migration eventualities
Other than Polygon PoS, Ethereum, and zkEVM, different migration contexts embody centralized exchanges (CEXs), good contracts, and liquid staking suppliers.
CEXs: Customers holding MATIC on exchanges like Coinbase or Binance could not must take any motion, because the exchanges usually deal with the migration on their behalf. Customers should test for exchange-specific updates.
Good contracts: MATIC tokens held in good contracts on Polygon PoS will robotically improve, whereas these on Ethereum or zkEVM would require guide migration or contract updates.
Liquid staking suppliers: Some liquid staking packages could quickly pause operations across the improve. Staked tokens will improve robotically.
What occurs if you don’t migrate?
If you happen to maintain MATIC and don’t migrate it to POL, you would possibly lose entry to important features throughout the Polygon ecosystem. These features embody paying for staking and fuel. Not migrating MATIC to POL on Ethereum and zkEVM can result in a loss in staking rewards.
The position of POL past the improve
Whereas the main focus at the moment is to switch MATIC to POL, as a ticker change initiative, you may count on POL to serve a a lot bigger position sooner or later. The token will play a job in securing Polygon’s Aggregation Layer and supporting interoperability. Plus, the brand new token will even play a component in Polygon’s upcoming staking hub, set to launch in 2025. Subsequently, you need to switch MATIC to POL as promptly as potential.