On September 4th, 2024, the MATIC to POL upgrade is due to continue. In the initial phase, POL will replace MATIC as the native gas and staking token for the Polygon PoS network. If you hold any MATIC on Polygon PoS you will not have to take any action at that point. If you hold MATIC or Polygon zkEVM on Ethereum, you may have to migrate.
Important notes to consider:
- On the Polygon PoS chain ("MATIC_POLYGON" in Fireblocks) the base asset will be renamed from MATIC to POL, not requiring any action of your part
- On the Ethereum network, you will need to use the Polygon Foundation’s official converter to convert your MATIC to POL
- On the zkEVM network, you will need to bridge MATIC tokens to Ethereum and then convert them with the official converter to POL
MATIC Holders on Ethereum
- Using the migration contract: To upgrade MATIC tokens to POL, holders will be able to use the migration contract located at the Etherscan Link for the Migration Contract
- Using DEX aggregators: a third party decentralized exchange (DEX) aggregator which is designed for users who do not want to or do not have the technical knowledge to directly interact with the migration contract. Make sure you carefully review the terms relating to the migration
- For more information, see the foundation's official announcement
Fireblocks customers using Fireblocks native MATIC staking
- The MATIC to POL migration will not impact or change MATIC ERC-20 tokens on the Ethereum network which are staked via Fireblocks native staking
- The following functionalities will continue unchanged for existing and new MATIC ERC-20 stakes when using Fireblocks native staking:
- Earning rewards in MATIC ERC-20 tokens on the Ethereum network
- Unstaking and withdrawing staked MATIC ERC-20 tokens on the Ethereum network (including rewards). Unstake and withdraw performed via Fireblocks native staking will ensure that the received token will continue to be MATIC ERC-20 token (rather than the new POL token)
- New stakes of MATIC ERC-20 tokens on the Ethereum network
- At this time it will not be possible to stake the new POL token. This functionality might be supported at a later time. Contact your CSM to request support for it