The Polygon community has undergone a major improve, migrating from MATIC to POL, marking a brand new chapter in its journey in the direction of a extra scalable and safe multi-chain ecosystem. This transition has minimal results on how BitPay customers work together with Polygon, however ones we would like our group to concentrate on. Proceed studying to be taught extra in regards to the migration and the way it impacts utilizing the BitPay Pockets and paying with crypto by way of BitPay.
Why MATIC was migrated to POL
The migration from MATIC to POL is a part of Polygon’s broader imaginative and prescient for Polygon 2.0, which goals to rework the community right into a unified multi-chain ecosystem with enhanced safety, governance, and staking capabilities. POL tokens introduce expanded utility, supporting not simply staking but in addition governance throughout a number of chains inside the Polygon ecosystem.
What it means for the BitPay group
For BitPay Pockets customers
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No Motion Required: In the event you maintain MATIC on the Polygon community in your BitPay Pockets, no fast motion is required. The BitPay Pockets app, ranging from model 14.24.7 and above, now shows POL because the fuel token for transactions on the Polygon community.
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Purchase, Promote, and Swap Companions: BitPay’s companions for purchasing, promoting, and swapping now present POL as an alternative of MATIC, reflecting the up to date token throughout all related providers.
For customers paying a BitPay bill
No Motion Required: There’s no change within the fee course of for customers paying a BitPay bill. The fee expertise now helps POL as a payable asset, seamlessly integrating the brand new token into BitPay’s system.
For MATIC on Ethereum customers
Bridge MATIC.e to POL: If in case you have MATIC on the Ethereum community, you must bridge your tokens to POL utilizing the official Polygon improve portal. Comply with the steps supplied by the Polygon group to make sure a easy transition. You’ll find detailed directions here.
For retailers accepting funds on Polygon
No motion required: Your clients will be capable of spend their POL tokens as regular.
What’s subsequent for the Polygon community?
The MATIC to POL migration is a cornerstone of Polygon’s formidable roadmap. POL tokens will play a vital function in supporting the expansion of a multi-chain ecosystem, enhancing safety, and introducing new governance capabilities. This transition aligns with Polygon’s broader objective of making a extra interconnected and environment friendly blockchain surroundings.
Trying forward, POL will probably be central to enabling Polygon’s continued innovation and scalability, driving the community towards its future imaginative and prescient of a unified blockchain infrastructure. Because the ecosystem expands, POL will facilitate a seamless consumer expertise, bolster safety, and empower community-driven governance.
Keep up to date with Polygon’s ongoing developments to see how POL continues to form the way forward for the community.
