What does this mean for $MATIC holders?
For holders of $MATIC on Polygon PoS, the transition will be automatic and no action will be required on their part. However, those holding $MATIC on ethereum, Polygon zkEVM, or centralized exchanges (CEXes) may need to migrate their tokens.
ethereum holders can use the migration contract Decentralized exchange (DEX) or aggregators provide conversion of $MATIC to $POL. Similarly, Polygon zkEVM holders can connect their $MATIC to ethereum or use zkEVM-based DEXs. While CEX users are advised to follow specific guidelines provided by their exchanges for the migration process.
$MATIC stakers and delegators on ethereum will see their staked $MATIC automatically converted to $POL, and staking rewards will continue uninterrupted.
Preparing for the transition
To ensure a smooth upgrade, a testnet migration was launched on July 17, 2024 to identify and address any potential issues before the transition to mainnet.
Developers, DeFi protocols, and infrastructure providers are advised to prepare by familiarizing themselves with the upgrade process and updating their systems accordingly. DeFi protocols will need to transition to $POL price oracles and upgrade smart contracts, while oracles and wallet providers must adjust their systems to support $POL.
The migration of $MATIC to $POL represents a significant step forward for Polygon Network, enhancing its capabilities and aligning with its vision of a multi-chain ecosystem.
Interested parties should stay tuned via Polygon’s official channels for the latest updates and instructions leading up to the transition on September 4.
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