As part of ongoing improvements and upgrades within the Polygon ecosystem, we are excited to announce the migration of Matic tokens to POL tokens. This change, aimed at enhancing the efficiency and scalability of the network, is scheduled to take place in September 2024. Below, we’ll provide all the information you need to navigate this transition smoothly and answer some frequently asked questions.
What’s Changing?
Starting from 9th September 2024, Okto will officially rebrand all Matic tokens as POL tokens. This change follows an upgrade by the Polygon Foundation, expected on 4th September 2024. Importantly, there will be no changes to the contract addresses, ensuring a seamless transition for all users.
Key Dates to Remember:
4th September 2024: The Polygon Foundation will implement the upgrade to POL tokens.
4th September 2024 - 9th September 2024: Window for bridging Matic tokens on zkEVM, Ethereum & BSC chains to Polygon chain directly from the Okto app
9th September 2024: Okto will update the token names in your portfolio from Matic to POL.
What You Need to Do
1. For Polygon Chain Users:
If you hold Matic tokens on the Polygon chain, there’s nothing you need to do. Your Matic tokens will automatically be rebranded to POL tokens in your Okto portfolio on 9th September 2024. The upgrade will not require any action on your part, and the transition will occur seamlessly with no impact on the contract addresses.
2. For zkEVM, Ethereum, and BSC Chain Users:
If your Matic tokens are on the zkEVM, Ethereum, or BSC chains, you can bridge your tokens to the Polygon chain before 9th September 2024, 05:30 AM GMT. Bridging is not compulsory but is provided to make the process more seamless. If you prefer, you can also directly convert your tokens using the methods Polygon recommends.
Here are the steps to bridge your tokens using the Okto app:
Open the Okto app and head over to the "Wallet" section.
Select the Bridge option on the Wallet page.
Select the Matic token.
Choose the bridge option from zkEVM, Ethereum, or BSC chains as applicable to bridge to the Polygon chain.
Click on the Submit option. Once completed, you will receive the Matic tokens on the Polygon chain.
It’s important to note that while the tokens will upgrade immediately upon bridging, the name change from Matic to POL in your portfolio will happen on 9th September 2024 by 12:00 PM UTC
In addition to the bridge option available on Okto, You can also use the below steps as recommended by Polygon has recommended the following steps for Ethereum and zkEVM chain users if you wish to make these changes directly
MATIC Holders on Ethereum:
Upgrade via Polygon Portal Interface: Users with MATIC on Ethereum can upgrade directly using the Polygon Portal Interface.
Direct Contract Interaction (Advanced Users): Advanced users and developers can directly call the migration contract. However, this comes with a significant risk. Incorrectly interacting with the migration contract may lead to the irreversible loss of funds. It is critical not to send MATIC directly to the smart contract address, as this will result in the loss of funds. Instead, the correct approach is to call the migration() function on the migration smart contract. We strongly recommend using the Polygon Portal Interface or a DEX aggregator instead.
MATIC Holders on zkEVM:
Bridge to Ethereum: Users can bridge MATIC tokens from zkEVM to Ethereum and follow the instructions for Ethereum holders to upgrade to POL.
Swap on zkEVM DEX or DEX Aggregator: Alternatively, users can use a zkEVM-based DEX or aggregator to swap MATIC to POL.
3. Post-Migration Options:
If you prefer to keep your Matic tokens on the zkEVM, Ethereum, or BSC chains, you can still upgrade them to POL tokens after 9th September 2024. Detailed instructions on how to perform this upgrade will be provided closer to the date. However, it’s important to remember that starting 4th September 2024, the option to swap Matic tokens for other tokens on these chains will no longer be available.
FAQs
1. What will happen to my Matic tokens if I do nothing?
If you hold Matic tokens on the Polygon chain, no action is needed. Your tokens will automatically be rebranded to POL on 9th September 2024. If your tokens are on zkEVM, Ethereum, or BSC chains, they will not automatically convert, and you will need to bridge them to the Polygon chain to upgrade them to POL.
2. Will the contract addresses change during the migration?
No, there will be no changes to the contract addresses during the migration. The upgrade to POL will be seamless, with no impact on the underlying smart contracts.
3. Can I still receive Matic deposits after 4th September 2024?
Yes, you can still receive Matic deposits into your wallet from Polygon, zkEVM, Ethereum, and BSC chains after 4th September 2024. However, after 9th September 2024, you will need to upgrade these tokens using the methods recommended by Polygon manually.
4. Is there a deadline for migrating Matic to POL tokens?
No, there is no last date for the migration. You can upgrade your Matic tokens to POL at any time after 9th September 2024.
5. Is the bridge option compulsory for the migration?
No, the bridge option provided in the Okto app is not compulsory. It is an option given to users to make the process seamless. You can also directly convert your tokens using the methods recommended by Polygon.
6. What if I miss the 9th September deadline for bridging my tokens?
If you miss the deadline, you can still upgrade your Matic tokens on zkEVM, Ethereum, and BSC chains to POL after 9th September 2024. However, you won’t be able to swap Matic tokens for other tokens on these chains starting 4th September 2024.
7. Will I lose any tokens during this migration?
No, you will not lose any tokens during the migration. The process is designed to be smooth and secure, with your Matic tokens simply being rebranded to POL.
8. Why is this migration happening?
The migration from Matic to POL is part of Polygon’s broader strategy to improve the efficiency, security, and scalability of the network. The new POL token is designed to better support these goals and provide enhanced functionality for users.
9. Can I directly interact with the migration contract?
Yes, but this is only recommended for advanced users. Incorrectly interacting with the migration contract can lead to irreversible loss of funds. We strongly advise using the Polygon Portal Interface or a DEX aggregator instead.