Polygon Labs is making a significant move in its network as it plans to migrate from the MATIC token to POL. This migration is part of the Polygon 2.0 roadmap, and it will establish POL as the native token of the network.
The migration will remove MATIC as Polygon’s native token and replace it with POL. This change will make POL the gas and staking token for Polygon’s main proof-of-stake chain. Polygon aims to evolve into a zero-knowledge Ethereum Virtual Machine (zkEVM) system through Polygon 2.0. This system will have its own network of application-specific blockchains that are interoperable. POL will bring added utility to the network, and validators who stake their POL tokens will earn rewards by securing other chains in the Polygon supernet.
For MATIC holders on the Polygon proof-of-stake chain, no action is required as their tokens will be automatically converted to POL. However, MATIC holders on the Ethereum network will need to migrate their tokens to POL through the Polygon Portal Interface. MATIC holders on the Polygon zkEVM layer-2 network or centralized exchanges may also need to take action to upgrade their tokens, such as bridging them to Ethereum. Polygon has deployed a migration contract to assist with this process, but it is more suitable for advanced users. MATIC holders who keep their tokens as ERC-20 tokens in hardware wallets like Ledger may need to manually convert them to POL, although the exact process has not been detailed yet.
As of now, there is no specific deadline for converting MATIC to POL, but the Polygon community may establish a deadline in the future. This migration to POL sets the foundation for Polygon’s development and future advancements as outlined in the Polygon 2.0 roadmap.