Polygon, formerly Matic Network, is a framework for building and connecting blockchain projects on Ethereum. Polygon aims to address some of the challenges associated with Ethereum scalability—namely high gas fees and slow transaction times—by managing transactions on a separate Ethereum Virtual Machine (EVM)-compatible blockchain.
Trezor Suite works with the Polygon proof-of-stake network, commonly referred to as Polygon PoS. This network was originally launched as the Matic Network in June 2020. Polygon PoS uses a proof-of-stake (PoS) consensus mechanism for processing transactions, and its native token is POL.
POL token: The POL token (an ERC20 token on Ethereum) is the native token of the Polygon PoS network. It ensures scalability, security, and sustainability of the Polygon ecosystem. It serves various purposes, including paying for transaction fees, participating in governance decisions, securing the Polygon PoS network through staking, and incentivizing validators in the aggregation layer of Polygon blockchains.
Proof-of-stake: Polygon utilizes a Proof-of-Stake (PoS) consensus mechanism to help secure the network and distribute new POL. Polygon’s consensus mechanism is meant to allow for faster and more cost-effective transactions than those made on Ethereum. Furthermore, it means you can earn money by staking POL.
On September 4, 2024, the original Polygon (MATIC) token was upgraded to Polygon Ecosystem Token (POL). Learn in this section how this change affects Trezor users of Polygon, and whether you need to take any steps to participate in the upgrading process.
The Polygon Ecosystem Token (POL) introduction and upgrade from MATIC represents a significant change for Polygon and its capabilities. This upgrade introduced POL as the new native token of Polygon’s aggregated blockchain network, which aims to expand Ethereum's scalability through multiple Polygon Layer 2 chains. POL retains many of the same features as MATIC, and supports EIP-2612 for signature-based permit approvals. To enable this, holders of MATIC are being asked to migrate to POL with a 1:1 ratio being honored in exchanges between the two tokens (one MATIC token is equivalent to one POL token).
The POL upgrade affects Trezor users holding MATIC in self-custody on their Trezor. If you are such a user, it directly affects how your assets are managed and utilized within Polygon-based blockchain networks. As a user, you must ensure your assets remain secure and accessible in self-custody on your Trezor when transitioning from MATIC to POL. This upgrade may require you as a user to actively participate in the migration process. This is why it is always important to be aware of managing any digital assets you hold on your Trezor securely and independently.
If you use Trezor Suite to see your MATIC on Trezor it is viewable either in the tokens section of your Ethereum account or the main (native token) balance of your Polygon PoS account. There are different migration processes for either situation.
Trezor Suite is developing a tool to assist in the migration of MATIC held on your Ethereum account to POL. When available you will be able to perform a 1:1 swap of MATIC to POL. As the migration is occurring on the Ethereum blockchain, gas fees will need to be paid.
There is currently no deadline for the migration of MATIC tokens on Ethereum to POL. Holding MATIC after the official migration date does not currently put you at a disadvantage. However, it is good to be vigilant of any updates in the Polygon ecosystem of blockchains as POL token holders can agree on a deadline for the migration to end.
No action is required on your part, your coins were automatically migrated from MATIC to POL on September 4. Bear in mind that we shall release updates to Trezor Suite and Trezor Firmware in the future reflecting this change. You will need to install these updates for the symbol of your coins to change from MATIC to POL on both your app and device. We will release these updates at a later date. There is no cause for concern if your tokens appear to still be held as MATIC on Trezor Suite or your device; they are in fact POL tokens. The change in ticker symbol can occur independently of changes implemented on the Polygon PoS network.
How do I add Polygon (POL) to my hardware wallet?
You can buy POL directly in Trezor Suite following the steps above to enable the token, and our general guidance for Receiving or Buying crypto.
How do I send POL using my hardware wallet?
You can easily send POL from Trezor Suite by following the guidelines given in our Sending crypto article. Again, be careful and make sure you send POL only through the Polygon PoS network. The address must be on this network for the crypto to be received successfully.
How do I stake POL?
To stake POL you will need to use your Trezor hardware wallet with a third party application such as MetaMask.
Are there any differences in speed and transaction fees compared to Ethereum?
Polygon is a scaling solution (often called a ‘sidechain’) running alongside the Ethereum blockchain, designed to offer faster and cheaper transactions. Although it’s tricky to specify exact figures, Polygon can reportedly achieve up to 7,000 transactions per second (tps), whereas Ethereum achieves around only 15 to 30 tps. Fees depend heavily on network demand, but transaction costs on Polygon might be around 0.01-0.1 POL (roughly 0.005-0.05 USD at the time of writing), whereas Ethereum fees can easily vary from 2.50-20 USD (ETH equivalent).
What tokens are on Polygon?
A list of tokens can be found on the polygonscan website, which lists over 800 Token Contracts in total.