It’s here – Polygon implements a recent change that sees the implementation of the new POL token. All existing MATIC tokens will be migrated to POL with a 1:1 ratio while offering new opportunities to the token and tokenomics.
As ETHi Token runs in the Polygon Network, it’s important to know how this will affect the ecosystem. Let’s look at the change and what to do with existing MATIC tokens.
What’s with the Polygon Upgrade?
As part of Polygon’s aim to become an aggregated blockchain network, the single-use MATIC token is being updated to a multi-purpose token called POL. Implemented last September 4, 2024, MATIC tokens kept on Polygon’s PoS are automatically converted to POL.
POL makes the token future-proof, allowing for diverse utility based on community consensus. The token will also play a big role in AggLayer and the networks and services associated with it,
Benefits of Updating from MATIC to POL
Here are some perks that the update will bring to the Polygon ecosystem:
Seamless Transition – Polygon’s shift from MATIC to POL is designed to be as smooth and seamless as possible, with POL capable of doing everything MATIC is doing plus more. Users and validators won’t even notice the migration process, ensuring no disruption or customer concerns.
Future Utility – With staking seen as part of Polygon’s plan in 2025, the conversion to POL opens the door for the token to be flexible and handle any role with efficiency.
POL-Powered Transactions – From gas fees to staking, all transactions done under the Polygon network will be powered by POL.
How to Convert MATIC to POL
I’m sure the next question in your head is how to update your tokens to align with this change. MATIC tokens on Polygon PoS will automatically be converted to POL once the upgrade is in place, saving you the trouble of changing them manually.
If you’re using a centralized exchange or on the Ethereum Mainnet, you’ll need to migrate manually. Simply go to Polygon’s upgrade page, connect your wallet, and swap away.
ETHi Token is powered by Polygon, which will now use the new POL token. As the first halal crypto token, ETHi allows for uncompromised crypto investment pegged on real-world real estate assets. Learn more about ETHi today.
