MATIC Migrated to POL on Sept. 4: What Does It Mean for Ka.app Users and Your KASTA Tokens?
Polygon Labs kicked off one of its most significant upgrades yet on September 4, 2024: the migration of its native token from MATIC to POL. This migration marks a pivotal moment in the Polygon ecosystem as it reflects the network's commitment to scaling and improving its blockchain offerings.
And since Ka.app offers MATIC (now POL), plus KASTA tokens are built on the Polygon network, it’s crucial to understand the idea behind this change, how it could affect your holdings on Ka.app, and if there’s anything you need to do during the transition.
More About Polygon and Its Native Token
Polygon, formerly known as Matic Network, was launched in 2017 to address the issues of high gas fees and slow transaction times on the Ethereum network.
Polygon was able to achieve this by offering a Layer 2 solution, enabling faster and cheaper transactions while maintaining compatibility with the Ethereum network. Its native token, now called POL, has been integral to the network's operations, serving as the primary medium for transaction fees, and governance within the ecosystem.
What Is the POL Token?
POL is the next-generation token designed to power Polygon's expanding ecosystem. While MATIC has served the network well, the transition to POL addresses the growing demands of the Polygon ecosystem, including enhanced locking mechanisms, governance, and overall scalability.
According to Polygon Labs, POL is more than just a rebranded version of MATIC. It’s designed with new functionalities that enable it to serve as a locking and governance token across multiple chains within the Polygon ecosystem. The transition to POL is expected to make the Polygon network more resilient, flexible, and capable of supporting its expanding suite of products and services.
Why the Migration?
MATIC’s limitations have become more apparent as Polygon continues to grow. Hence, the migration from MATIC to POL was driven by the need for a more adaptable token that aims to support Polygon's long-term vision.
POL is designed to be a multi-purpose token that can seamlessly integrate with the various components of the Polygon ecosystem. By introducing a more versatile token, Polygon aims to attract more developers, users, and projects to its ecosystem, further solidifying its role in the blockchain industry.
6 Awesome Things About POL
POL introduces several new features and benefits that would enhance the functionality and utility of the Polygon network.
1. Ecosystem Security
POL enhances security across the entire Polygon ecosystem by leveraging a highly decentralized pool of Proof-of-Stake (PoS) validators. These validators play a critical role in ensuring the network’s resilience and neutrality. With strong incentives in place, validators are encouraged to join the pool and provide security to as many Polygon chains as possible, thereby strengthening the overall network.
2. Cross-Chain Utility
Unlike MATIC, which is primarily used on the Polygon network, POL has cross-chain utility. This means it can be used across various chains within the Polygon ecosystem, making it a more versatile token.
3. Sustainable Ecosystem Support
POL provides a sustainable, built-in mechanism to fund and support ecosystem activities over the long term. This ensures that the ecosystem can continue to grow and evolve without relying on external resources.
4. Unlimited Scalability
POL is designed to be more scalable than MATIC. It will support the rapid and exponential growth of the Polygon ecosystem, making it well-suited for mainstream adoption. POL’s scalability features will enable Polygon to handle more transactions and support a wider range of applications.
5. Reduced Friction
Many blockchain protocols require users and developers to hold, lock, or consume native tokens to use the network, which can create friction and hinder the user experience. POL is designed to minimize this friction, allowing for a smoother and more intuitive experience for both users and developers within the Polygon ecosystem.
6. Empowered Community Ownership
Decentralization is a core value of Polygon, and POL is set to empower community governance within the ecosystem. POL provides holders a greater say in the future direction of the Polygon network, which can lead to more community-driven developments.
What Should MATIC Holders Do During the Migration Process?
As mentioned, the migration from MATIC to POL commenced on September 4, 2024. This process was managed by Polygon Labs and did not require action from users.
Polygon Labs has assured the community that the migration would be automatic, with MATIC holders receiving POL tokens on a 1:1 basis. However, here are a few things to keep in mind:
1. Check Exchange Announcements
Do you hold MATIC on an exchange? Be sure to check for any announcements related to the migration. Some exchanges may have specific instructions or timelines for the swap.
2. Update Your Wallets
Ensure that your crypto wallets are up to date so that you can view and manage your newly migrated tokens.
3. Stay Informed
Follow Polygon Labs and other official channels for the latest updates on the migration process.
Were Transactions Affected During the Migration?
The migration had no immediate impact on Polygon network transactions. Users were able to continue using the network as usual, with MATIC tokens being seamlessly replaced by POL.
What Should Ka.app Users Do During the Migration?
If you hold MATIC tokens on Ka.app, you don’t have to do anything during the migration process. Your MATIC tokens were automatically swapped for POL in our platform.
Will the Migration Have Any Effect on Your KASTA Tokens?
KASTA tokens were built on the Polygon network, but they’re not affected by the migration. You can still buy, convert, sell, deposit, withdraw, and send crypto and euros using Ka.app without worrying about potential issues.
The Bottom Line
The MATIC to POL migration just happened recently. Fortunately, MATIC tokens were automatically swapped to POL, so you don't really have to do anything during the migration except from keeping your wallets and exchanges updated.
At the same time, KASTA holders don’t have to worry about their tokens, since KASTA won’t be affected by the transition.