After a year of community discussions and consensus, Polygon has announced an important upgrade to its native token: MATIC has evolved into POL, the new token that will power the Polygon network. This change is a major step in Polygon's journey to becoming an ecosystem of interconnected blockchains.
If you hold MATIC on the Polygon blockchain, no action is required—your MATIC has been automatically upgraded to POL. However, if you hold MATIC on Ethereum or Polygon zkEVM, you will need to manually convert your MATIC to POL via the Polygon Portal.
What’s Changing On Polygon?
Polygon has replaced MATIC with POL as its native gas and staking token on the Polygon blockchain (Polygon Proof-of-Stake (PoS) network). On September 4 2024 all MATIC tokens on this network were automatically upgraded to POL, making POL the token used for all transactions.
If you hold MATIC on the Polygon blockchain, this transition has already occurred, and you don’t need to take any action.
Introducing the POL Token to Zelus Wallet
POL, the new native token of the Polygon network, is more than just a replacement for MATIC; it's the primary tool for the coordination and growth of the Polygon ecosystem. The POL token exists on the Ethereum network, as a new ERC-20 token, and on the Polygon networks (PoS and zkEVM). Both the Ethereum and Polygon versions of POL are now fully supported in Zelus Wallet.
With POL, users can stake, validate transactions, and earn rewards across chains in the Polygon ecosystem. As the network expands, POL will facilitate cross-chain interactions while keeping transaction costs low and speeds high.
What Do You Need to Do?
✅ If you hold MATIC on Polygon blockchain: No action is needed. Your MATIC has automatically been upgraded to POL.
❗️ If you hold MATIC on Ethereum: You’ll need to manually convert your MATIC to POL through the Polygon Portal Interface. Simply connect your wallet, switch to the Ethereum network, and follow the steps to upgrade your tokens. The process is quick, and for now there’s no deadline— however, the community will have the power to establish a deadline in the future.
❗️ If you hold MATIC on Polygon zkEVM: You may bridge MATIC tokens from zkEVM to Ethereum, and then convert your MATIC on Ethereum to POL through the Polygon Portal Interface.
❓ If you hold MATIC on a centralized exchange (CEX): Most centralized exchanges are working to ensure a smooth transition for users. To be on the safe side, double check whether the exchange where your MATIC was stored has handled the automatic conversion of MATIC to POL.
Benefits of Using POL
The shift from MATIC to POL is expected to unlock features for all users, providing enhanced security, scalability, and a more robust ecosystem. With POL, users will benefit from a more decentralized and secure network, as the token enables staking and validation across multiple chains within the Polygon ecosystem. This model strengthens the network’s resilience and simplifies participation for validators, eliminating the need to manage multiple tokens.
POL is also designed to support infinite scalability, ensuring that the network can grow without sacrificing performance. Whether you're interacting with decentralized finance (DeFi) applications or performing everyday transactions, POL maintains low transaction costs and high processing speeds, streamlining user experiences across various platforms. Additionally, the token's integration into the ecosystem promotes ongoing community ownership and governance, making it a key element in driving Polygon's future growth and sustainability.