POL Migration Scheduled for September 4th: Essential Details

After achieving a strong community consensus, Polygon has announced the date for the MATIC to POL Upgrade: September 4th!

Make sure to note the date, whether you write it down, set a reminder, or even use creative methods to remember—it’s just around the corner.

The Polygon upgrade is entirely driven by the community. Here’s a summary of the governance process that made this possible. When POL was first introduced as a replacement for MATIC in PIP-17 last year, the community’s response was swift and enthusiastic. They believed that Polygon, evolving into a network of interconnected blockchains, needed a new token with enhanced functionality.

The activation of the POL ERC-20 contracts on Ethereum last October marked the beginning of this community-led initiative. Following PIPs and ongoing community feedback further refined Polygon, we were paving the way for the comprehensive upgrade discussed here.

Polygon is highly anticipated for its expanded functionality, aligning with Polygon’s vision of a growing blockchain network. POL will provide essential services across the Polygon network, including the AggLayer. The community envisions Polygon playing vital roles in the Polygon staking hub by 2025, including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).

As the aggregated Polygon network takes shape, POL will instantly be useful on the widely used Polygon Proof-of-Stake (PoS) network: POL will become the native gas and staking token for Polygon PoS, which is crucial in securing the Polygon network.

In alignment with PIP-42, the community reached a consensus that Polygon PoS validators must stake POL (replacing MATIC) to earn protocol rewards and transaction fees in POL.
Starting September 4th, every transaction on Polygon PoS will utilize POL as the native gas token. This represents the short-term utility of POL.

For MATIC Holders of Ethereum

Using the Migration Contract: MATIC holders can upgrade their tokens to POL using the migration contract, which can be found at the provided Etherscan link.
Using DEX Aggregators: For those who prefer not to interact directly with the migration contract or lack the technical know-how, third-party decentralized exchange (DEX) aggregators like 1inch, Kyber, or CowSwap can be used.

Carefully review the terms and understand how the upgrade process works through these dApps, as they have independently integrated the migration contract. All upgrades from MATIC to POL-on these DEX platforms are conducted between the user and the respective dApp.

MATIC Holders on zkEVM
Bridge to Ethereum

Users can bridge MATIC tokens from zkEVM to Ethereum and follow the instructions for “MATIC Holders on Ethereum” to upgrade to POL.
Swap on zkEVM DEX or DEX Aggregator
Alternatively, users can swap MATIC to Polygon using a zkEVM-based decentralized exchange (DEX) or aggregator.

Defi Protocols and dApps on Ethereum
POL Smart Contract Infrastructure
Developers should consider establishing smart contracts, liquidity pools, and other relevant dApp infrastructure to support POL-on Ethereum.

POL Migration Contract

To ensure a smooth user experience during the transition, consider using the Migration Contract to facilitate the seamless upgrade of tokens.

MATIC Held in Smart Contracts on zkEVM

Manual Upgrade or Bridging
For MATIC tokens held in zkEVM smart contracts, users will need to manually upgrade. This can be done by swapping tokens on a zkEVM DEX or aggregator or by bridging tokens to Ethereum and using the migration contract.

Contract Updates

Developers should update zkEVM smart contracts to support Polygon, which may involve modifying the contract code to handle the POL token standard.

Holders of Liquid Staking Tokens

Different liquid staking programs will have varying processes and timelines for the upgrade. However, be aware that issuances and redemptions might be temporarily suspended around the September 4th upgrade date to facilitate the MATIC to POL transition.

Since each liquid staking program operates differently, it’s crucial to seek out information specific to your program for tailored instructions and details about the upgrade.

Oracles

Update POL Price Feeds

Core developers of Oracle services should update to include POL price feeds to ensure smooth data transitions and accuracy. This will help maintain the integrity and reliability of price feed services during and after the upgrade.

Wallet Providers

Wallet providers should update the symbol of the native gas token from MATIC to POL on the Polygon PoS chain. Also, they should ensure that wallet-embedded dApps (such as bridges and staking providers) are prepared for the September 4th upgrade of the native bridge.

RPC Settings Update

RPC providers should update the symbol in their settings from MATIC to Polygon. This change is essential for correctly displaying and interacting with the POL token standard across the network.

Bridges

Core bridge developers should ensure their systems are ready for the native bridge upgrade, updating protocols to handle POL as the sole withdrawable asset. Stakers/Delegators of MATIC on Ethereum for Securing Polygon PoS Network

Review PIP-42

Refer to PIP-42 for detailed information about the staking upgrade for Polygon PoS.

Automatic Conversion

All staked MATIC will be automatically upgraded to Polygon-on September 4th, with no action required from users.
Current functions for staking and unstaking MATIC will remain, while new functions for staking POL will be added. The unified staking reserve will now be in POL.