Polygon starts MATIC to POL transaction: see more details

The Polygon network has begun the transition of tokens on its network, migrating the old MATIC to the new POL token. According to an update on X, the change began on Tuesday (03) and should continue throughout this Wednesday (04).

With this change, the MATIC token will cease to exist, but holders of it will receive POL tokens. The Polygon team defines the update as a “critical juncture for Polygon networks, increasing utility and aligning with Polygon’s vision as an aggregated network of blockchains.”

MATIC to POL migration has begun, Polygon announces

In another message published on Wednesday, Polygon confirmed the change.

“We interrupt your doomscrolling with another reminder that MATIC will be upgraded to POL tomorrow,” the network said.

The new POL token is designed to serve as a “hyper-yielding” token. This means that POL will be Polygon’s native gas and staking token. In this way, the network seeks to consolidate staking as a form of validation and also to attract more users.

More than that, POL will be “supporting the future expansion and security of the network as an aggregated network.” The new token will have an annual issuance rate of 2%.

However, the team stressed that the change from MATIC to POL will not happen immediately. They warned users not to trust information outside the official profile.

Integration between applications

According to the official announcement, users can complete the migration whenever it is convenient for them. There is no deadline, so no one needs to rush.

On the other hand, some decentralized applications (dApps) have already integrated the migration contract independently, meaning they may have provided a user interface to facilitate the migration. Those using MATIC in dApps should check their application to see if there is such a migration. Additionally, the Polygon Portal itself will provide an interface for MATIC holders to migrate.

Those who are more advanced and want to interact directly with the contract should be careful. Doing so incorrectly can result in loss of funds.

Furthermore, anyone staking MATIC on Ethereum will automatically receive this update. In other words, staked MATIC will be converted to POL without any action being required.

The price of MATIC has fallen by 8.2% in the last 24 hours, trading at US$0.37.

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