The Migration Is Now Live.
After a year of community-led discussions and consensus, MATIC has been upgraded to POL as the network token for Polygon.
The POL migration has not only upgraded the native token for the Polygon PoS network, but in future phases, this upgrade will expand the utility of Polygon’s native token to reflect and power the vision of Polygon as an ever-growing network of aggregated blockchains.
Here are the details of what the upgrade to POL means, right now:
- Backwards compatibility. This ensures that existing applications and users experience a seamless transition without disruption, facilitating a smoother upgrade process, and preserving the stability of the Polygon network. Makes it easy for validators, delegates, apps, and users to transition smoothly from MATIC to POL.
- Native gas and staking token for Polygon PoS. POL now secures the Polygon PoS network—and every transaction on the network is fueled by POL.
- Future utility for an aggregated network subject to community consensus. With a staking hub planned for 2025, in the long term, the current community consensus would see POL support broader roles in an aggregated network.
- Tokenomic Changes. The initial POL to MATIC upgrade ratio is 1:1, with an important tokenomics change, subject to ongoing community consensus, that has a 2% emission over a decade to support network security and community development. Half goes to the Polygon PoS staking contract for validator rewards to secure the network, and the other half to a community treasury, supporting builders through a grant program overseen by an independent board accountable to the community. This emission model will continue for as long as needed, with the community holding the power to adjust or discontinue based on evolving needs.
So, what immediate actions do you need to take?
- For holders of MATIC on Polygon PoS, no action will be required. POL will be upgraded automatically to become the native gas and staking token on Polygon PoS without having to lift a finger.
- That said, users will need to update the native token symbol in their wallet’s network settings. If the token symbol isn’t updated, the wallet may continue to display “MATIC” as the token name instead of “POL.”
- Follow instructions for updating the token symbol, here.
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