MATIC Transitions to POL: Key Insights for Polygon Users

Just a month ago, Polygon made a big move by transitioning its token from MATIC to POL. This upgrade is not just a name change; it’s a step toward making the Polygon ecosystem and infrastructure more scalable and interoperable.

In this article, we’ll break down what this shift from MATIC to POL means for users and developers and how it aligns with Polygon’s broader vision for the future

Key Takeaways

• As part of Polygon’s 2.0 roadmap, the network’s main token was changed from MATIC to POL on September 4, 2024.
• POL (Polygon Ecosystem Token) replaced MATIC as the native gas and staking token for the Polygon PoS network.
• The upgrade is 1:1, meaning MATIC holders receive the same amount of POL. POL maintains all MATIC functions but comes with more advanced features and a flexible supply model.
• The migration is seamless for most users and automatic on many centralized exchanges.

Why the Switch from MATIC to POL?

Polygon’s journey began in 2017 as a project called Matic. In 2020, it launched a sidechain to help scale Ethereum. By 2021, Matic was rebranded as Polygon, while keeping MATIC as the name of the native token.

Since then, Polygon has evolved into one of the largest Web3 ecosystems, introducing new innovations to further improve Ethereum’s scalability using Zero-Knowledge (ZK) Proof technology.

Polygon is now advancing with its Polygon 2.0 roadmap, which aims to create a more interconnected ecosystem with different chains within Polygon to communicate and work together seamlessly.

The major components of this future ecosystem are:

1. Polygon zkEVM: A ZK rollup compatible with Ethereum.
2. zkEVM Validium: An upgraded version of the Polygon’s PoS chain powered by ZK technology.
3. ZK-powered networks built with Polygon’s Chain Development Kit (CDK). MATIC was originally designed to support and secure the Polygon PoS chain alone, but now Polygon is expanding to connect multiple chains and products. This creates the need for a next-generation token, like POL, that can work across all these chains.

MATIC to POL Migration

The shift from MATIC to POL was initiated with PIP-17 (Polygon Improvement Proposal), suggesting to increase the utility and governance features of the network’s native token.

Three smart contracts manage the migration process:

1. Polygon Ecosystem Token Contract: An ERC-20 token contract;
2. Migration Contract: Handles the 1:1 swap of MATIC to POL, with an option to reverse the migration under certain conditions;
3. Default Emission Manager: Creates new POL tokens with a 2% annual emission rate for the next 10 years. With all contracts deployed, the official transition happened on September 4, 2024.

The new POL token can be found at the following contract address: 0x455e53CBB86018Ac2B8092FdCd39d8444aFFC3F6.

What is POL Token?

POL has taken over from MATIC and is now the main token for the Polygon PoS chain. It serves the same purposes — paying transaction fees, staking, and governance — but is designed to support more functions.

POL vs. MATIC: What’s Different?

Generally speaking, POL offers more utility than MATIC:

• POL supports multiple chains, unlike MATIC, which was tied to a single chain;
• Token holders can participate across different Polygon-powered chains through the Staking Layer;
• POL adopts a dynamic emission model, while MATIC had a fixed supply;
• New tokens are issued as rewards for validators securing the ecosystem and to fund the community treasury.

Image by Polygon

How to Convert MATIC to POL

The process for switching from MATIC to POL depends on where and on which network the tokens are stored:

1. Staked tokens: No action needed;
2. Tokens on Ethereum or Polygon zkEVM: Manual swap through the Migration Contract on Polygon Portal;
3. MATIC on Centralized Exchanges: For most major exchanges the conversion is automatic and no action is needed;
4. Tokens on Polygon PoS: Automatic conversion, but users may need to manually update their wallet’s settings. If you need to manually update your wallet’s RPC settings to reflect the new POL token, try GetBlock, which provides RPC endpoints for over 50 blockchain networks.

Here’s how:

1. Visit the GetBlock.io website and create an account;
2. Find the Polygon network on your user dashboard;
3. Create a free JSON-RPC URL;
4. In your crypto wallet (MetaMask), go to the Polygon mainnet settings;
5. Update the RPC URL and change the currency name to POL.

This ensures your wallet reflects the correct POL token. As a bonus, custom Polygon RPC is more reliable, especially when network traffic is high.

Image from MetaMask

By creating a free GetBlock account, you can try out custom RPC solutions for improved performance and reliability, especially useful for developers looking for seamless interaction with the Polygon network.

Don’t miss the limited-time opportunity to cut infrastructure costs: Get 30% off your first Shared Nodes subscription with GetBlock. Sign up now and gain access to 50+ blockchains.

Summary

The transition from MATIC to POL is a necessary step for Polygon’s growth. With POL, the network becomes more powerful and interconnected, setting the stage for its next phase of development. POL holders will have new opportunities to participate and help secure the network’s future.