1. What is happening with Polygon (MATIC)?
Polygon (MATIC) is undergoing a significant upgrade to a new token called POL. The migration process is scheduled to occur on September 4, 2024. POL will replace MATIC as the native gas and staking token on the Polygon Proof-of-Stake (PoS) network.
2. When will the migration take place?
September 4, 2024: Deposits and withdrawals of MATIC will be paused to facilitate the migration process.
Key Update:Starting 6th October, Bake will no longer support the unwrapping of dMATIC.
Over the next 30 days, any dMATIC deposits will be periodically converted to POL.
After this period, dMATIC deposits for unwrapping will no longer be possible.
What You Need to Do: Please deposit any dMATIC you wish to unwrap before the deadline, as deposits after this period will not be eligible for conversion or unwrapping.
3. What do I need to do as a MATIC holder?
If you hold MATIC on the Polygon PoS network, no action is required from you. Bake will manage the migration process automatically, converting your MATIC tokens to POL on your behalf.
4. Will MATIC staking be affected?
MATIC staking will continue to function until further notice. However, MATIC in Fixed/Flexible Term Staking and Liquidity Mining will be deallocated before the conversion to POL.
5. What should I do if I hold MATIC on Ethereum, Polygon zkEVM, or a centralized exchange (CEX)?
If you hold MATIC on Ethereum, Polygon zkEVM, or in a centralized exchange, you may need to manually migrate your tokens to POL. More information and instructions will be provided by these platforms, so keep an eye out for communications from them.
6. What happens to transactions on Polygon after September 4, 2024?
Starting September 4, 2024, POL will be used as the native gas and staking token for all transactions on the Polygon PoS network. All transaction fees and protocol rewards will be in POL.
7. How will the migration affect my MATIC in Fixed/Flexible Term Staking or Liquidity Mining?
Before the conversion to POL, your MATIC tokens in Fixed/Flexible Term Staking and Liquidity Mining will be deallocated. The migration will then occur, and any remaining balance will be converted to POL.
8. Is the POL token different from MATIC?
Yes, POL is an upgraded version of MATIC with expanded utility. POL will not only serve as the gas and staking token on Polygon PoS but will also play a crucial role in the future of the Polygon network, including its role in the Aggregated Layer (AggLayer) and broader Polygon ecosystem.
9. When will POL be supported on Bake?
Bake will notify users once POL is fully supported on both the Polygon and Ethereum networks. Please ensure you select the correct token and network when making deposits or withdrawals to avoid any loss of funds.
10. What is the timeline for the migration?
The mainnet migration is expected on September 4, 2024. A testnet migration was successfully completed on July 17, 2024, to ensure a smooth transition.
11. What should I do if I have further questions or concerns?
If you have additional questions or need support, please reach out to us via support.
12. What are the immediate utilities of POL?
In the short term, POL will replace MATIC as the gas and staking token on the Polygon PoS network. Over time, its utility will expand within the Polygon ecosystem, including potential roles in staking hubs, block generation, and more.
13. Will there be a deadline to upgrade MATIC to POL?
As of now, there is no set deadline for upgrading MATIC to POL for holders on Ethereum and Polygon zkEVM. However, the community may decide on a deadline in the future.
14. What was the community’s role in this upgrade?
The upgrade from MATIC to POL is a community-driven initiative, beginning with PIP-17 and solidified through multiple proposals and community consensus. The POL upgrade reflects the community's vision for an expanded and future-proof Polygon network.
15. What security measures are in place for the migration?
The migration process has undergone extensive testing, including a testnet migration on July 17, 2024. These steps are designed to ensure the highest level of security and minimize any potential disruptions.