Anyone who has held crypto for a few years stands a good chance of still having a position in MATIC somewhere. The token no longer exists in that form. The Polygon network has replaced it with POL, as a pure change of name and function at a rate of one to one, without any haircut in value. Anyone who never carried out the exchange will find their balance either long since converted automatically or still sitting as the old token on Ethereum, depending on where it is kept.
This piece answers both questions: what happened to your MATIC, and how you use the Polygon network day to day. So setting up a wallet, judging the fees, reading the block explorer Polygonscan, and knowing the traps that most often catch people out when withdrawing from an exchange.
POL instead of MATIC: what actually happened in the token switch
Since September 4, 2024, POL has carried the jobs on Polygon's mainnet that previously belonged to MATIC: fees and staking. The exchange runs one to one, so for every MATIC you get one POL. According to the project, around a year later roughly 99 percent of holdings had been converted.
What matters for you is where your balance sits. ...
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