What you need to do for MATIC Migration
Polygon's Migration from MATIC to POL Polygon is transitioning from its MATIC token to a new token called POL. This migration is a significant upgrade for the Polygon network, aiming to enhance its capabilities and align with its vision of a multi-chain ecosystem.
Migration Timeline September 4, 2024: The mainnet upgrade will occur, marking the official transition from MATIC to POL. This date is crucial as it signifies when POL will become the native gas and staking token for the Polygon Proof-of-Stake (PoS) network
MATIC on Centralized Exchanges (CEX) Action Required: Users holding MATIC on centralized exchanges may need to follow specific guidelines provided by their exchanges to ensure a smooth transition to POL. Most major exchanges are expected to handle the technical upgrade automatically for their users
💥However it is best to check with your exchange – for example BitMEX💥 • Existing MATIC holders must withdraw any MATIC (ERC-20) tokens from their BitMEX wallets. To better support the process, we will implement 0 withdrawal fees for any MATIC (ERC-20) withdrawals from the 27 August 2024. • BitMEX will delist all MATIC contracts before the migration on 3 September (Spot, Perpetual, & Convert). • Following the migration, BitMEX will enable support of POL on Polygon and will no longer support MATIC or POL on ERC-20*. • BitMEX will list new contracts for POL.
MATIC in Hot Wallets, Metamask, and Cold Wallets
Hot Wallets (e.g., Metamask): Users need to update their RPC settings in wallets like Metamask to ensure the wallet displays POL instead of MATIC as the token symbol. If not updated, the wallet may still show MATIC
Cold Wallets (e.g., Ledgers): For MATIC held on the Polygon PoS chain, the transition to POL will be automatic, requiring no user intervention. However, users with MATIC on Ethereum or Polygon zkEVM may need to manually upgrade or bridge their tokens
Actions Required by Users Polygon PoS Holders: No action is required for MATIC holders on the Polygon PoS network, as the transition to POL will be automatic Ethereum and zkEVM Holders: Users may need to manually upgrade their MATIC tokens held in zkEVM smart contracts or bridge them to Ethereum to use the migration contract. Developers should ensure smart contracts on zkEVM are updated to support POL
General Advice: Users should check FAQs and guidance provided by their respective exchanges or wallet providers to understand the specific steps needed for the migration
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