The Polygon ecosystem is on the cusp of a significant upgrade, as the MATIC token prepares to evolve into POL. This change is expected to bring about improved performance, increased scalability, and enhanced user experience for all stakeholders involved. In this blog post, we will delve into the details of the upgrade, its implications, and provide a step-by-step guide on how to prepare for the transition.

What does the MATIC token upgrade mean?

The MATIC token has been the lifeblood of the Polygon ecosystem since its inception. As the network continues to grow and expand its capabilities, it’s essential to upgrade the token to ensure it remains compatible with the evolving technology. The new POL token is designed to be more efficient, scalable, and secure, paving the way for a brighter future for the entire ecosystem.

Preparation is key

To ensure a seamless transition, it’s crucial that all stakeholders take necessary steps to prepare for the upgrade. This includes:

• Developers: Deprecate the use of MATIC and wMATIC in favor of POL and wPOL. Update smart contracts, liquidity pools, and other infrastructure to support POL.
• Users: If you’re holding staked MATIC, it will be upgraded to staked POL automatically. However, if you don’t want your staked MATIC to upgrade, you must unstake before September 1st.
• Providers: Oracles should update their price feeds to include POL. Wallet providers should update the symbol from MATIC to POL. RPC providers should change the symbol in their settings from MATIC to POL.

Token Upgrade

The token upgrade will occur automatically for MATIC tokens held in smart contracts on Polygon PoS. However, if you’re holding MATIC tokens on Ethereum or zkEVM, you’ll need to manually upgrade using the migration contract or bridge to Ethereum and then upgrade.

Staking

Staked MATIC will be upgraded to staked POL automatically, unless users opt out by unstaking before September 1st. Liquid staking providers should prepare for an upgrade to support both MATIC and POL. Holders of liquid staking tokens should check with their program providers for specific guidance.

Additional Information

• Staking rewards will continue uninterrupted post-upgrade.
• The unified staking reserve will be denominated in POL, but existing functions will remain for staking and unstaking MATIC.
• A migration contract will be used to facilitate the upgrade.

Conclusion

The MATIC token upgrade is a significant milestone in the evolution of the Polygon ecosystem. By following this comprehensive guide, all stakeholders can ensure a seamless transition to POL. If you have any questions or concerns, please don’t hesitate to reach out to our support team.

Get Ready for POL!

Stay ahead of the curve by following our social media channels for the latest updates on the MATIC token upgrade. Join the conversation using the hashtag #POLishingTheFuture, and let’s shape the future of the Polygon ecosystem together!