Polygon marks an vital technical replace at present, with its native cryptocurrency migrating from MATIC to POL – a transfer described as a “important juncture for Polygon networks, enhancing utility and aligning with the imaginative and prescient of Polygon as an aggregated community of blockchains.”
The Migration from MATIC to POL
The migration is on observe to happen at present in line with an replace on Polygon’s official X account:
we interrupt your doomscroll with one other reminder MATIC might be upgraded to POL tomorrow
the tl;dr for the hyperproductive token: https://t.co/brdQT9WeFa pic.twitter.com/D63qiqdZPX
— Polygon | Aggregated (@0xPolygon) September 3, 2024
As CryptoPotato reported earlier in July, the transition from MATIC to POL marks an vital improve in Polygon’s ecosystem. POL is designed to function a “hyperproductive” token, that means that will probably be the native gasoline and staking token on Polygon’s proof-of-stake blockchain.
Greater than that, will probably be “supporting the community’s future enlargement and safety as an aggregated community.” Word that there’s a 2% annual emission fee as a change to its tokenomics.
Right here’s What MATIC Holders Have to Do
Some motion could also be required if a person desires to improve from MATIC to POL. Word that there isn’t any fast deadline to take action, and any prompts are probably makes an attempt at a rip-off.
In keeping with the official announcement, customers can full the migration at their comfort. Furthermore, some decentralized functions (dApps) have already built-in the migration contract independently, that means that they could have supplied a person interface for simpler migration.
Aside from that, please discuss with the tweet embedded above and the hyperlink supplied to the Polygon Portal. It should offer you a UI for the migration.
Those that are extra superior and wish to work together instantly with the contract ought to know that calling it incorrectly might lead to a lack of funds.
Furthermore, MATIC stakers on Ethereum needn’t fear as a result of all staked MATIC might be upgraded to POL with completely no motion required.
MATIC’s worth is buying and selling at a loss previously 24 hours, declining by 6.8%. It’s at present the twenty seventh cryptocurrency via complete market capitalization.
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