On September 4th, a significant transition occurred within the Polygon blockchain ecosystem as its native token underwent a migration from MATIC to POL.
This pivotal change signifies that all transactions conducted on the Polygon chain will now utilise POL for the payment of gas fees. Moreover, staking rewards, which are incentives for participants who lock up their tokens to support the network, will also be distributed in the new POL token. For those seeking further details about this migration, additional information can be found in the official announcement at the following link: https://polygon.technology/blog/matic-to-pol-migration-is-now-live-everything-you-need-to-know.
In light of this transition, our systems have been promptly updated to align with the new token standard. As a result, any transfers received on the Polygon chain will now display POL as the designated token instead of the previous MATIC designation. It is important to note that any transfers made prior to this migration will continue to reflect MATIC as the transferred token, ensuring that historical data remains intact and accurate.
For users engaging with the Polygon network, there is no need for any immediate action on your part. All transactions you conduct will now automatically be denominated in POL, allowing for a seamless experience as you continue to interact with the blockchain. However, if you are a holder of the MATIC ERC20 token on the Ethereum network, you may want to consider converting your holdings to the POL ERC20 token. This can be accomplished through the official portal designed for this purpose, which can be accessed here: https://portal.polygon.technology/pol-upgrade.
For those utilising the TrustVault Metamask Chrome extension, you will find that this tool facilitates the swapping process, making it straightforward to transition to the new token.