What does this mean for $MATIC holders?
For $MATIC holders on Polygon PoS, the transition will be automatic and will not require any action on their part. However, those holding $MATIC on Ethereum, Polygon zkEVM, or a centralized exchange (CEX) may need to migrate their tokens.
Ethereum holders can convert $MATIC to $POL using the provided migration contract or a decentralized exchange (DEX) aggregator. Likewise, Polygon zkEVM holders can connect their $MATIC to Ethereum, or use zkEVM-based DEXs. CEX users are also advised to follow the specific guidelines provided by their exchange for the migration process.
Stakeholders and delegators of $MATIC on Ethereum will see their staked $MATIC automatically converted to $POL, and staking rewards will continue uninterrupted.
transition preparation
To ensure a smooth upgrade, we launched a testnet migration on July 17, 2024 to identify and resolve any potential issues before the mainnet transition.
Developers, DeFi protocols, and infrastructure providers are encouraged to prepare, familiarize themselves with the upgrade process, and update their systems accordingly. DeFi protocols need to transition to $POL price oracles and update smart contracts, while oracle and wallet providers must adapt their systems to support $POL.
The migration from $MATIC to $POL represents a significant development for Polygon Network, enhancing its capabilities and aligning with its vision of a multi-chain ecosystem.
Stakeholders should stay informed of the latest updates and clarifications ahead of the September 4 transition through Polygon’s official channels.
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*All investment/financial opinions expressed by NFT Plazas are based on the personal research and experience of our website moderators and are provided for informational purposes only. Individuals must fully research any product before making any type of investment.
Blockchain enthusiast and lifelong gamer.
