Polygon’s transition from MATIC to POL is the cornerstone of the Polygon 2.0 roadmap. The goal of the upgrade is to increase the functionality and flexibility of the network. But what do you need to do as a MATIC holder? In this guide, you will learn how to transfer MATIC to POL, whether your tokens are on the Polygon PoS, Ethereum, or zkEVM network.
How to convert MATIC to POL
Transferring or upgrading MATIC to POL depends on which network your tokens are stored on. Here’s a quick overview:
- On Polygon PoS: The transfer is automatic and your MATIC will be updated to POL without any additional steps. However, you may need to manually change the token symbol.
- On Ethereum or zkEVM, you will need to manually migrate MATIC to POL via the Polygon Portal interface. In some cases, a bridge may be required.
We will discuss these and other migration scenarios in the following sections.
MATIC on Polygon PoS
If your MATIC tokens are on Polygon PoS (which is more like Layer 2 on Ethereum), the migration or transfer to the POL ticker will happen automatically. You don’t need to take any manual action to update.
However, after migration, your wallet may still display “MATIC” instead of “POL”. If this does not help, here is what to do:
- Check your wallet settings and go to the Polygon main network.
- Once there, click on the three dots button to access the settings.
- Once the settings panel opens, click on “Networks” and you will find all the relevant “Polygon Mainnet” data there. You can see how the suggested ticker is displayed as POL.
- You can click on POL and after a while the MATIC ticker will change to POL.
This process ensures that you are viewing the updated POL correctly.
MATIC on Ethereum
If your MATIC is held on Ethereum Networkyou will need to manually transfer your tokens to POL via Polygon portal interface.
Here are the relevant steps:
- Go to the Polygon portal.
- Press “Hop On” when asked to update your MATIC to POL.
- Make sure your wallet is connected and the Ethereum mainnet is selected.
- Select the amount of MATIC tokens you wish to transfer or upgrade.
- Check your gas fee, approve the transaction and wait for the update.
Once approved, click “Update” to exchange MATIC tokens for POL tokens at a 1:1 ratio. Confirm the “Update” transaction in your wallet.
Once the transaction is complete, you will see POL tokens in your wallet. If the tokens do not appear, you may need to manually add the POL contract address.
MATIC at the zkEVM Polygon
If your MATIC tokens are on Polygon zkEVM, you will need to connect them to Ethereum before migrating to POL.
Here are the relevant steps:
- Use the bridge as Polygon Bridge to migrate your MATIC from zkEVM to the Ethereum network.
- Select zkEVM as the source network and Ethereum as the target network, then confirm the connection process.
Once MATIC tokens are on Ethereum, follow the same steps as above to transfer MATIC to Ethereum.
Is it possible to directly migrate MATIC from zkEVM to Polygon PoS?
Why migrate MATIC to Ethereum when you can just migrate MATIC directly to Polygon PoS? In short, the official migration date for PoS-based automatic upgrades was set for September 4, 2024. If automatic upgrades were still ongoing, this would result in MATIC automatically upgrading to POL. The process now involves several additional steps after that deadline.
Other migration scenarios
In addition to Polygon PoS, Ethereum, and zkEVM, other migration contexts include centralized exchanges (CEXs), smart contracts, and liquid staking providers.
CEX: Users holding MATIC on exchanges like Coinbase or Binance may not need to take any action, as the exchanges typically handle the migration on their behalf. Users should check for exchange-specific updates.
Smart contracts: MATIC tokens stored in smart contracts on Polygon PoS will be automatically updated, while tokens on Ethereum or zkEVM will require manual migration or contract updates.
Liquid Rate Providers: Some liquid staking programs may temporarily pause operations due to upgrades. Staked tokens will be upgraded automatically.
What happens if you don’t migrate?
If you hold MATIC and do not transfer it to POL, you may lose access to key features in the Polygon ecosystem. These features include staking and gas fees. Failure to migrate MATIC to POL on Ethereum and zkEVM may result in loss of staking rewards.
The Role of POL Beyond Modernization
While the current focus is on MATIC to POL as a ticker change initiative, we can expect POL to play a much larger role in the future. The token will play a role in providing Polygon with an aggregation layer and supporting interoperability. Additionally, the new token will also play a role in the upcoming Polygon betting hubwhich is scheduled to launch in 2025. Therefore, you should convert MATIC to POL as soon as possible.
