The Polygon Foundation has executed their plan to upgrade the MATIC token to the POL token as per this article. While MATIC holders on Polygon POS have been automatically migrated to the new token, holders on different chains, such as Ethereum, are required to execute a migration.
The ZRX Treasury currently holds 2,703,327.817189105107056 MATIC on Ethereum. While the tokens have been idle in the treasury for quite some time, the migration contract provided by the Polygon Foundation is upgradable and has an initial conversion ratio of 1 POL per MATIC. However, it is possible that the ratio will change in the future. Also, liquidity will progressively migrate to the new token, and any use case of the MATIC token has been deprecated.
The migration portal provided by the Polygon Foundation does not support encoding transactions for smart contracts, like the ZRX Treasury. Therefore, it is necessary to execute a proposal with the following actions attached:
- approve MATIC on the migrator contract for the total balance;
- call
migrate(amount)on the migrator contract.
The following actions will enable the migrator contract to spend the MATIC tokens held in the ZRX Treasury and will send an equal amount of POL to the ZRX Treasury.
Actions (Ethereum mainnet):
- action 1
target:0x7D1AfA7B718fb893dB30A3aBc0Cfc608AaCfeBB0
data:abi.encodeCall(IERC20.approve, (0x29e7DF7b6A1B2b07b731457f499E1696c60E2C4e, 2703327817189105107056))
value:0x0 - action 2
target:0x29e7DF7b6A1B2b07b731457f499E1696c60E2C4e
data:abi.encodeCall(IPolygonMigration.migrate, (2703327817189105107056))
value:0x0
As a community representative, I am willing to encode the calldata and create the onchain proposal. The following steps will be:
- a snapshot vote will be created and, if successful:
- the onchain proposal will follow.