TL;DR
- Polygon has launched an update allowing users to convert MATIC to POL through the Portal, enhancing the network’s functionality and efficiency.
- The automatic conversion of MATIC to POL will be completed on September 4th for tokens on Polygon PoS and staked on Ethereum, requiring no additional action from PoS users.
- Users with MATIC on Ethereum will need to perform a manual migration using a link on the Portal; centralized exchanges will follow their own processes.
Polygon has launched a significant update for users holding MATIC tokens on the Ethereum blockchain. Starting today, they can convert their tokens to POL using the Polygon Portal interface. This update is part of a strategy to improve the network’s functionality and efficiency.
The conversion of MATIC to POL will be carried out automatically for MATIC tokens on Proof of Stake (PoS) chain as well as for those staked on Ethereum. The process will be completed on September 4th, and no additional action is required from PoS users. The migration will occur smoothly, ensuring a seamless transition without the need for manual intervention.
🧵 POL Upgrade | Everything to Know 🧵
Users w/ MATIC on Ethereum can upgrade today via Polygon Portal Interface: https://t.co/Ibs1ONels1
There is no deadline for users to upgrade. All MATIC on Polygon PoS & staked MATIC on Ethereum will upgrade automatically on Sept 4. pic.twitter.com/qKnyYFrlqH
— Polygon | Aggregated (@0xPolygon) August 27, 2024
How Does Polygon’s Manual Migration Work?
For users with MATIC on Ethereum, the process is slightly different. They will need to perform a manual migration through a migration link available on the Polygon Portal. This link provides a direct pathway for Ethereum-based MATIC holders, facilitating the conversion of their assets to POL. The Portal interface is designed to be user-friendly, making the manual migration process as efficient and straightforward as possible.
On the other hand, centralized exchanges will handle the MATIC to POL upgrade independently. Each exchange will implement its own migration process, so users with MATIC on these platforms should follow the specific instructions provided by their respective services to ensure a smooth transition.
This update aims to evolve Polygon’s ecosystem and enhance user experience. By adopting POL, users will benefit from the latest technological improvements, contributing to better network performance and efficiency
