Polygon Labs announces the migration date from MATIC to POL, and users of each platform must be prepared

Polygon Labs has scheduled the migration of MATIC to POL for September 4. This marks the first phase of a significant upgrade in line with Polygon's new roadmap.

Initial Phase Details

In this first phase, POL will replace MATIC as the native gas and staking token for the Polygon Proof-of-Stake (PoS) network.

The upgrade aims to enhance Polygon’s multichain ecosystem by making POL a “hyperproductive token,” allowing holders to stake and validate transactions across multiple chains within Polygon’s aggregated blockchain network.

Holders' Actions Required

What MATIC holders need to do for the migration depends on where and how they hold their tokens:

• MATIC Holders on Polygon PoS: Tokens will be automatically upgraded. Users may need to update their wallet's RPC settings to reflect the ticker change from MATIC to POL.
• MATIC Holders on Ethereum: Tokens can be migrated using the token migration contract on Etherscan or by swapping MATIC for POL through a decentralized exchange aggregator.
• MATIC Holders on Polygon zkEVM: Tokens can be migrated by bridging to Ethereum and using the migration contract or swapping via a local DEX.
• MATIC Holders on Centralized Exchanges: Each exchange will have its guidelines, but most holders likely won’t need to take any action.

Testnet and Future Functionality

Polygon Labs has launched the POL upgrade on the testnet to help users and developers familiarize themselves with the process.

While there is no deadline for MATIC holders to migrate their tokens post-upgrade, POL’s full functionality will be realized when Polygon’s multichain staking layer goes live, likely in 2025.