The Polygon network has undergone a significant upgrade, migrating from MATIC to POL, marking a new chapter in its journey towards a more scalable and secure multi-chain ecosystem. This transition has minimal effects on how BitPay users interact with Polygon, but ones we want our community to be aware of. Continue reading to learn more about the migration and how it impacts using the BitPay Wallet and paying with crypto via BitPay.
Why MATIC was migrated to POL
The migration from MATIC to POL is part of Polygon’s broader vision for Polygon 2.0, which aims to transform the network into a unified multi-chain ecosystem with enhanced security, governance, and staking capabilities. POL tokens introduce expanded utility, supporting not just staking but also governance across multiple chains within the Polygon ecosystem.
What it means for the BitPay community
For BitPay Wallet users
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No Action Required: If you hold MATIC on the Polygon network in your BitPay Wallet, no immediate action is needed. The BitPay Wallet app, starting from version 14.24.7 and above, now displays POL as the gas token for transactions on the Polygon network.
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Buy, Sell, and Swap Partners: BitPay’s partners for buying, selling, and swapping now show POL instead of MATIC, reflecting the updated token across all relevant services.
For users paying a BitPay invoice
No Action Required: There’s no change in the payment process for users paying a BitPay invoice. The payment experience now supports POL as a payable asset, seamlessly integrating the new token into BitPay’s system.
For MATIC on Ethereum users
Bridge MATIC.e to POL: If you have MATIC on the Ethereum network, you need to bridge your tokens to POL using the official Polygon upgrade portal. Follow the steps provided by the Polygon organization to ensure a smooth transition. You can find detailed instructions here.
For merchants accepting payments on Polygon
No action required: Your customers will be able to spend their POL tokens as normal.
What’s next for the Polygon network?
The MATIC to POL migration is a cornerstone of Polygon’s ambitious roadmap. POL tokens will play a crucial role in supporting the growth of a multi-chain ecosystem, enhancing security, and introducing new governance capabilities. This transition aligns with Polygon’s broader goal of creating a more interconnected and efficient blockchain environment.
Looking ahead, POL will be central to enabling Polygon’s continued innovation and scalability, driving the network toward its future vision of a unified blockchain infrastructure. As the ecosystem expands, POL will facilitate a seamless user experience, bolster security, and empower community-driven governance.
Stay updated with Polygon’s ongoing developments to see how POL continues to shape the future of the network.
