OKX, a leading global cryptocurrency exchange and Web3 technology provider, has officially announced its support for the migration of MATIC tokens to POL. This transition follows Polygon's strategic upgrade plan, marking a significant evolution in the Polygon ecosystem. Below is a comprehensive guide to the migration process, including critical deadlines and actions users need to take.
Key Dates and Migration Timeline
August 30, 2024
- MATIC Deposits/Withdrawals Suspended: OKX will halt MATIC deposits and withdrawals on the Polygon PoS Network starting August 30. Users must complete all related transactions before this date.
Early September 2024
- POL Deposits/Withdrawals Open: ERC20 Mainnet support for POL deposits and withdrawals will go live. Users can transfer POL tokens via the Ethereum network.
September 4, 2024
- New Trading Pairs: OKX will list POL/USDT and POL/USDC spot trading pairs, enabling seamless trading for POL holders.
September 9, 2024
- MATIC Delisting: All MATIC trading pairs and perpetual futures will be delisted.
- Automatic Conversion: MATIC holdings in OKX accounts will be automatically converted to POL at a 1:1 ratio. No manual action is required.
User Actions and Recommendations
To ensure a smooth migration:
- Settle Loans: Repay any MATIC-based margin loans or flexible loans before September 9.
- Adjust Positions: Close or migrate MATIC-related positions ahead of deadlines.
- Monitor Updates: Check OKX announcements for real-time adjustments to trading rules.
👉 Learn more about POL tokenomics
Why This Migration Matters
The shift from MATIC to POL aligns with Polygon's broader vision for a multi-chain ecosystem. POL introduces enhanced utility, including staking across multiple chains and improved governance mechanisms. This upgrade aims to:
- Boost scalability and interoperability.
- Strengthen developer incentives.
- Future-proof the Polygon network.
FAQs
1. Will my MATIC tokens lose value after migration?
No. MATIC will convert to POL at a 1:1 ratio, preserving your holdings' value.
2. Can I trade MATIC after September 9?
No. MATIC trading pairs will be delisted, but converted POL tokens will remain tradable.
3. How do I withdraw POL after migration?
Use the ERC20 network for POL withdrawals once enabled in early September.
4. Are there fees for the automatic conversion?
OKX will not charge users for the 1:1 conversion.
5. What happens to MATIC in OKX Earn products?
All MATIC in savings, staking, or DeFi products will be automatically converted to POL.
👉 Explore POL staking opportunities post-migration
About OKX
OKX is a trusted global crypto exchange offering secure trading, Web3 wallets, and institutional-grade services. Committed to transparency, OKX publishes monthly Proof of Reserves and educational resources via OKX Learn.
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Disclaimer: Dates and policies are subject to change. Refer to OKX’s official announcements for updates.