Polygon will transition MATIC Tokens to POL during the September update.

According to a July 18th blog post, Polygon developers are scheduled to launch the MATIC to POL token swap on September 4th. The migration has been in the works for a long time — the team announced the plan this time last year.

At the time, Polygon founder Sandeep Nilwal said on Twitter that he was often asked when this would happen.

“One frequent request from the community was to have a specific date on MATIC. [to] Police migration, he wrote.

Polygon developers decided to switch from the current MATIC token to a new POL token in a major protocol update. Token swap Polygon is part of a wider movement to become a “network of networks”.

According to a Polygon Labs post, the POOL update was deployed on a test network on July 17 to identify issues such as bugs and vulnerabilities. This low-cost test is designed to minimize the chance of sidetracking the update on the main network where real users and real assets are located.

The group refers to the first generation Bitcoin and the second generation Ethereum as “3rd Generation Token”. After September 4th, POL will act as native gas and valuable resource for the Polygon PoS block chain in addition to validating chains in the integrated network ecosystem.

POL allows holders to be verifiers on polygon-based chains MATIC will be discontinued as part of the update. Today's announcement highlighted that users who hold MATIC on Polygon's proof-of-stake (PoS) blockchain will have their tokens upgraded to POL without any action being taken. Still, it may be necessary to update the remote procedure call settings in the wallet to ensure that the tokens are registered as POL instead of MATIC.

Those holding MATIC on Ethereum, the zkEVM platform or centralized exchanges may need to take steps to upgrade to POL, the team wrote in a blog post. Migration on Ethereum can be done by sending tokens to the migration contract or using decentralized exchanges (DEXs) or DEX aggregators.

Holders using zkEVM must link their tokens to the Ethereum blockchain and follow the instructions above, or use the zkEVM DEX or DEX aggregator. MATIC on centralized exchanges are handled differently on a case-by-case basis, users should consult the information provided by the exchange holding their tokens. Still, the announcement suggests that no action is required on most major centralized cryptocurrency exchanges.

No deadline has been set for users to complete the swap. It was previously said that it would be four years or more, but the announcement said, “The community will have the power to set a time limit in the future.”

Edited by Stacy Elliott.