As announced by Polygon, MATIC tokens are being upgraded to POL tokens on 4 September 2024. This community-driven update aims to bring more utility and functionality to Polygon’s native cryptocurrency.
What can Luno customers expect?
Luno will support the MATIC to POL migration. You don’t need to take any action, but here’s what you need to know:
It will still be called MATIC on Luno after 4 September
We’ll soon update the name and ticker code we display from Polygon (MATIC) to Polygon (POL), but this will not happen immediately on the day of the migration. Some other platforms and blockchain explorers will show POL instead of MATIC.
Your MATIC will become POL with a 1:1 conversion
Any MATIC you have will be automatically upgraded to POL. If your Polygon wallet contains MATIC 48.15162342, it will have exactly POL 48.15162342 after the migration. We can’t predict the coin’s price movements around this event, but the amount of underlying tokens you have will remain unchanged.
There might be disruptions to Polygon transactions
We’re doing our best to minimise or prevent any interruption. Buying and selling Polygon should not be impacted, but there may be temporary disruptions to sending or receiving while Polygon's network upgrades take place.
Luno’s Polygon (MATIC) wallet supports POL tokens
The MATIC tokens you hold on Luno exist on the native Polygon blockchain, so any Polygon receive addresses you have will support POL.
-
Provided you continue to use the Polygon chain (not ERC-20) to transfer POL, you can send or receive POL tokens even before we’ve changed the name of our displayed ticker symbol from MATIC to POL.
-
Keep in mind that for some time after the migration, these will still display as MATIC transactions on Luno, even though the underlying tokens are POL. We’ll update that ticker symbol in the near future.
Note
You don’t need to do anything. Your MATIC tokens remain securely stored in your Luno wallet and will be updated to POL automatically when the migration happens.