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The original was posted on /r/cryptocurrency by /u/crua9 on 2023-08-11 20:31:18.
So I learned about the Matic update coming, and this forced me to go down a rabbit hole to answer a few basic questions.
- What does this mean for the average person? Like what do you have to do when this update happens?
* You will need to migrate from Matic token to POL through a smart contract. This will be a 1:1. 2. When this update happens, how long do you have?
* Right now they are saying 4 years for when the update goes live. This giving everyone way more than enough time to update. 3. When will this update happen?
* Unknown, but it likely will be big news when it happens. It could take years or months. It's a unknown. 4. What would be used for gas/transfer fee after the update?
* POL, the new token.
Now the last question I looked into was the biggest IMO. And if the network update will require us to jump to a new network, or will it just be a token update.
To make this clear
- If it's a network jump, then this means everything on the old network to include tokens, NFT, etc. They all will have to be bridged to the new network, or risk going on an obsolete network that will likely die sooner than later.
- If it's a token update, you're staying on the same network but just jumping from 1 token to the next.
I couldn't get a clear answer from anyone in Matic no matter where I looked. Because I was having such a hard time finding an answer since even in the white paper it didn't help with this question. I asked companies that deal with Matic, like how unstoppable domains heavily uses Matic network to host their domain NFT. The answer I got back from them was
We are aware of the changes on the chain and we are exploring the best way to handle this with domains. When more information is released and we know how this will work with us we will let everyone know on Twitter, our blog and via email.
So a IDK.
The best guess from everyone including some dapp developers on Matic is likely this is a token update and not jumping from the current network to a updated one. Meaning like ETH the network can get updated in the background, but for this, we will be migrating to a new token on the network. This making it where any functional NFT and so on is fine and doesn't have to be bridged.
But this is a guess.
But assuming this is what will happen. When things are ready, on our end we would go to a given place to use an exact smart contract. This will transform your Matic to POL at a 1:1. You will have up to 4 years to do it.
So other than a name change and having to jump through this 1 thing. Just about everything else for us on our end will be the same.
Hopefully we will get a confirmation on how exactly this will work when we get closer to the date of the update being released.