Polygon migrates from MATIC to POL token

Polygon has completed the transition from MATIC to POL. The following innovations will be introduced to the network with the update:

Polygon, the Ethereum scaling network, has joined the migration from the MATIC token to the POL token. This is an important part of the roadmap for Polygon 2.0.

Switching to POL will phase out Polygon's native token, MATIC. From now on, POL will be the native token for gas rewards and deployed on the Proof-of-Stake based blockchain. The network explained this in a July blog post.

The migration lays the foundation for Polygon 2.0. The network aims to become a Zero Knowledge Ethereum Virtual Machine (zkEVM) system.

The POL token also offers the opportunity to receive rewards through staking. You can also use it to secure other blockchains in the Polygon supernet.

In the future, the POL token will be used to create an aggregation of Zero-Knowledge (ZK) evidence within the new “AggLayer”. The AggLayer can also guarantee the security of direct, cross-chain transactions.

According to the blog post holders of the MATIC tokens do not have to do anything. The conversion to POL tokens would work automatically.

However, users who hold the MATIC token on the Ethereum network or the Polygon zkEVM Layer 2 network must take action. An implemented migration contract is available. However, the process is only suitable for advanced users.

Anyone who has MATIC as an ERC-20 token on a hardware wallet would have to manually convert the token via the wallet.