Here’s What MATIC Holders Need to Do as Polygon’s Upgrade to POL Is Now Days Away

2024-8-25 10:25

MATIC holders will need to take specific actions depending on where their tokens are held in relation to the upcoming migration to POL, which is now only days away since it will happen on September 4, 2024.

For MATIC holders on the Polygon PoS chain, no action is required. Their tokens will automatically convert to POL without any user intervention. This seamless transition is needed so that holders can continue to engage with the network without disruption.

Holders on Ethereum have a couple of options. They can upgrade their MATIC to POL using a migration contract that has already been deployed, allowing for a permissionless upgrade at their convenience. Alternatively, if they prefer not to interact directly with the migration contract, they can utilize decentralized exchange (DEX) aggregators like 1inch or Kyber, which have integrated the migration process.

Soruce: polygon.technology/blog

For those holding MATIC on Polygon zkEVM, there are two paths forward. Users can bridge their MATIC tokens from zkEVM to Ethereum and then use the migration contract to upgrade to POL. Another option is to swap their MATIC for POL directly on a zkEVM-based DEX or aggregator.

MATIC holders on centralized exchanges (CEXs) can expect most major exchanges to handle the migration automatically. For instance, if you hold MATIC on Coinbase, you don’t have to do anything. However, it’s crucial for users to check the specific guidance provided by their exchange to confirm the process.

It’s worth noting that MATIC stakers and delegators on Ethereum will see their staked tokens automatically converted to POL, with staking rewards continuing uninterrupted.

Follow Polygon’s official X account as they should announce more details about migration in the next few days.

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The post Here’s What MATIC Holders Need to Do as Polygon’s Upgrade to POL Is Now Days Away appeared first on CaptainAltcoin.

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