{"id":13372,"date":"2024-09-10T21:02:09","date_gmt":"2024-09-10T14:02:09","guid":{"rendered":"https:\/\/bitcoinvn.io\/news\/?p=13372"},"modified":"2024-09-12T22:18:52","modified_gmt":"2024-09-12T15:18:52","slug":"polygon-network-upgrade","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/news\/polygon-network-upgrade\/","title":{"rendered":"Polygon Network upgrade – what does the switch between POL and MATIC mean for me?"},"content":{"rendered":"

In early September, the Polygon Network (an EVM-style layer 2 solution based on Ethereum) underwent a long-anticipated network upgrade.<\/span><\/p>\n

What does it mean for you? What are the risks and opportunities? And what does the future hold for Polygon?<\/span><\/p>\n

What changes with the 2024 Polygon Network upgrade?<\/strong><\/h2>\n

The most important point first:<\/span><\/p>\n

There\u2019s nothing of substance changing; it\u2019s simply a \u201crebranding\u201d exercise of the mainnet token of the Polygon Network, previously known as \u201cMATIC,\u201d to the more appropriate ticker name \u201cPOL.\u201d<\/span><\/p>\n

Since the Polygon Network originally started out as \u201cMatic Network,\u201d this is a long-overdue naming change that will help reduce confusion for cryptocurrency users.<\/span><\/p>\n

\"Polygon<\/p>\n

What happens to my MATIC tokens?<\/strong><\/h2>\n

There is no immediate threat to your holdings.\u00a0<\/span><\/p>\n

MATIC tokens on the Polygon Network will automatically be upgraded to POL tokens.\u00a0<\/span><\/p>\n

However, if you have MATIC tokens on Ethereum, you will need to convert them to POL tokens on the Polygon Network.<\/span><\/p>\n

You can convert your tokens here:<\/span>\u00a0<\/span><\/a><\/p>\n

https:\/\/bitcoinvn.io\/?deposit=maticerc20&settle=matic<\/a><\/strong><\/p>\n

 <\/p>\n

No sign-up is required, and you can swap MATIC_ERC20 tokens for POL_Polygon tokens as needed.<\/span><\/p>\n

What are the changes to the BitcoinVN MATIC staking vault?<\/strong><\/h2>\n

Once more, no changes for you which would require immediate action.<\/span><\/p>\n

The MATIC staking vault will be renamed into POL staking vault, otherwise everything remains the same as you\u2019re used to from <\/span>using our staking services<\/span><\/a>.<\/span><\/p>\n

\"staking<\/p>\n

To note:<\/span><\/p>\n

Participants in the Polygon (\u201cPOL\u201d) staking vault will continue to receive rewards for both tokens involved in swaps on the BitcoinVN platform, the Polygon Mainnet token (\u201cPOL\u201d) as well the the ERC20 token (\u201cMATIC).<\/span><\/p>\n

How can I secure my Polygon (POL) tokens?<\/strong><\/h2>\n

As always, the answer remains:<\/span><\/p>\n

Self-custody and never exposing your private keys to the Internet.<\/span><\/p>\n

\"\"<\/p>\n

To store and use Polygon Network tokens (\u201cPOL\u201d) you can use any of the following Ledger devices:<\/span><\/p>\n