The Polygon network has just gone through a major shift: the transition from MATIC to POL. However, the upgrade is not just about the ticker change. It’s preparing the network, its infrastructure, and nodes for a more interconnected, scalable ecosystem.
In this article, we explore how the MATIC to POL migration ties into Polygon's broader vision and what it means for users and developers.
POL Replaces MATIC: Highlights
Part of the Polygon 2.0 roadmap is renaming the network’s main token from MATIC to POL.
- On September 4, 2024, POL (Polygon Ecosystem Token) replaced MATIC as the native gas and staking token for the Polygon PoS network;
- It’s a 1:1 token upgrade but POL is designed to move away from the fixed supply model;
- The new cryptocurrency handles all key functions previously managed by MATIC but expands its functionality to align with the broader, more scalable vision for the Polygon future;
- The migration is seamless for users on the Polygon main chain and automatic on most centralized exchanges.
Ultimately, Polygon’s native token is becoming more powerful and useful across the entire ecosystem.
From MATIC to POL: Why Polygon’s Evolution Demands the Upgrade
Polygon started as a project called Matic in 2017. Launched as an Ethereum sidechain in 2020, it uses a technology called Plasma to process transactions off the Ethereum mainnet, reducing its load.
Later in 2021, Matic was rebranded as Polygon, with its main network becoming the Polygon Proof-of-Stake (PoS) chain.
Over time, it has grown into one of the largest blockchain ecosystems, attracting developers and projects thanks to its substantially lower fees and faster speeds. It now has over $900 million in Total Value Locked, with well-known brands and projects utilizing its infrastructure.
Polygon 2.0 Vision
Since launching its PoS chain, Polygon Labs has been continuously working to improve Ethereum’s scalability, particularly focusing on Zero-Knowledge (ZK) technology.
Some key developments include:
- Polygon zkEVM: An Ethereum Virtual Machine (EVM)-compatible ZK rollup;
- PoS Chain Upgrade: Plans to upgrade Polygon’s current PoS chain, adding ZK technology to make it a zkEVM Validium, a true Ethereum Layer 2;
- Chain Development Kit (CDK): A toolset that lets developers and companies build their own ZK-powered networks using the technology Polygon built to power their own chains.
All these advancements are part of the broader Polygon 2.0 vision. This new phase aims to integrate all these products and technologies into a unified and interconnected system. To achieve this, Polygon is introducing the AggLayer.
N.B.: To support these developments, GetBlock provides reliable Polygon zkEVM RPC nodes, enabling developers to easily deploy and interact with ZK-powered applications.
Aggregation Layer (AggLayer)
This layer ensures that all the different chains within the Polygon ecosystem can interact with each other effortlessly. This will enable full interoperability, bringing together not only different Polygon-powered chains but also their users and liquidity for a smoother user and developer experience.
Image: Polygon
MATIC to POL Migration
Part of the shift is migrating from the MATIC token to the new POL token. MATIC was originally designed to support a single blockchain (Polygon PoS chain). However, since Polygon is expanding to support multiple chains and products, there’s a need for a more advanced token that can unify and govern the whole ecosystem.
How Did MATIC Change to POL
Polygon initiated the migration from MATIC to POL with PIP-17, published in September 2023. It proposed upgrading MATIC, a native Polygon PoS Chain token, and adding more utility to it. As part of this upgrade, the token name has also changed to POL.
The migration relied on three smart contracts.
1. The Polygon Ecosystem Token Contract
The contract is the new POL token as a standard ERC-20 token with advanced features and built-in security.
Source: GitHub
For example, one such feature is EIP-2612 "permit" functionality, which allows users to approve token transfers without needing to send a separate transaction to approve the transfer.
By migrating to POL, users gain access to these modern features that weren’t part of MATIC when it launched years ago.
2. The Polygon Migration Contract
This Solidty contract handles the 1:1 migration of MATIC to POL. It allows the transfer of MATIC tokens and issues POL tokens in return.
Source: GitHub
The contract also supports an "unmigrate" function, allowing users to reverse the swap from POL back to MATIC. However, this is restricted by the “_onlyUnmigrationUnlocked_” modifier, meaning that reverse migration can only happen if the Polygon governance system decides to enable it.
3. Default Emission Manager
The third contract is responsible for creating a new POL supply. It manages a fixed annual emission rate of 2% for the next 10 years.
After this period, the Polygon governance system made up of POL token holders will decide whether to modify, continue, or halt the emission rate based on the needs of the network.
Source: GitHub
On September 4, 2024, the migration was activated, meaning POL fully replaced MATIC as the network’s native token. This followed the successful testnet migration in July. No airdrop is announced as part of the upgrade.
What is POL Token?
POL has replaced MATIC as the main token, the native currency, of the main Polygon PoS chain.
It now drives all critical functions of the network and is used for:
- transaction fee payments;
- staking and staking rewards;
- governance.
While POL inherits all MATIC token functions, it is designed to be more versatile.
POL vs MATIC
POL introduces changes to tokenomics and has a much broader utility than the MATIC token:
- Multi-chain security: Will secure multiple chains connected via AggLayer, unlike MATIC, which was limited to a single chain;
- Extended validator opportunities: POL holders can take on additional roles across different Polygon-powered chains through the unified Staking Hub;
- Flexible emission: Adopts a dynamic emission model to support validator rewards and ecosystem growth while MATIC had a fixed supply.
Image: Polygon
More detailed MATIC vs POL comparison table:
| MATIC | POL | |
|---|---|---|
| Launch Date | April 2019 | September 2024 |
| Contract Address | 0x7D1AfA7B718fb893dB30A3aBc0Cfc608AaCfeBB0 | 0x455e53CBB86018Ac2B8092FdCd39d8444aFFC3F6 |
| Total Supply | Capped: 10B MATIC | No max supply: 10B POL + 2% annual emissions |
| Main Functions | Native gas, staking & governance token for Polygon PoS | |
| Extended Functionality | No | Multi-chain staking, treasury allocations & cross-chain utility |
| Ecosystem Role | Used on Polygon PoS chain | Powers the entire Polygon 2.0 ecosystem |
| Governance | Voting on protocol changes | Multi-chain governance with varied roles |
In summary, POL positions itself as a “hyperproductive” token with far greater utility than its predecessor and expanded functionality across multiple Polygon networks and services.
How to Convert MATIC to POL
The process of migrating MATIC to POL differs based on where your MATIC tokens are held and the network they are on.
How to migrate MATIC to POL on Ethereum network
If you have MATIC tokens on Ethereum or Polygon zkEVM, switch them to the new POL token using the Migration Contract UI. To do this:
- Visit Polygon Portal, connect your crypto wallet, and allow the contract to access your MATIC tokens;
- Complete the migration by paying a small fee in ETH to process the transaction;
- For every MATIC submitted to that contract, you get the equivalent amount of POL in return.
Source: Polygon
Another option is using DEX aggregators like CoW Swap, Kyber, or 1inch where the migration route is integrated directly.
Polygon MATIC to POL via Centralized Exchanges (CEXes)
Centralized exchanges already notified users about the migration process. Major services like Binance and Coinbase handle the migration for users by switching MATIC to POL automatically in their accounts. Official announcements from exchanges provide detailed instructions on the process.
How to Swap MATIC to POL on Polygon PoS
MATIC holders and stakers on Polygon PoS automatically have their tokens migrated to the new POL token. However, wallet interfaces take some time to reflect this change.
In this case, users can manually update their wallet Polygon RPC settings to show the new token:
- New RPC URL: https://go.getblock.io/Your_Access_Token
- Chain ID: 137
- Currency: POL
Image: MetaMask
GetBlock allows users to create custom RPC endpoints, offering free RPC URLs or private blockchain nodes for a fee. Custom RPCs offer greater reliability – transactions are processed even if the default RPC is overloaded. Developers use the service to keep their applications more responsive.
Don't miss out: Create a free account on GetBlock and try custom RPC solutions for a smoother and more efficient experience on the Polygon network.
Conclusion
The shift from MATIC to POL reflects the broader evolution of the Polygon network. As the ecosystem expands, the new token will play a bigger role in securing and managing the network, giving holders more ways to participate. This upgrade is poised to strengthen the network and help ensure POL holders are part of its future success.
