According to the official Polygon migration plan, MATIC tokens will be replaced by POL. OKX will facilitate this migration with the following schedule:
1. Deposit and Withdrawal Timeline
MATIC (Polygon PoS Network)
- Suspension: Deposits/withdrawals halt at 3:00 UTC on August 30, 2024.
- Post-Migration: MATIC transactions will no longer be supported.
MATIC (ERC20 Mainnet)
- Suspension: Deposits/withdrawals halt at 21:00 UTC on September 9, 2024.
POL (ERC20 Mainnet)
- Deposits Open: 2:00 UTC, September 3, 2024.
- Withdrawals Open: 14:00 UTC, September 4, 2024.
POL (Polygon PoS)
- Deposits Open: 13:00 UTC, September 4, 2024.
- Withdrawal schedule for Polygon PoS will be announced separately.
👉 Stay updated on migration timelines
2. Trading Updates
Spot Trading
- New Pairs: POL/USDT and POL/USDC trading begins at 13:00 UTC, September 4, 2024.
Delisting: MATIC/USDT, MATIC/USDC, and MATIC/EUR pairs will be delisted at 8:00 UTC, September 7, 2024.
- All related orders will be canceled automatically.
- Bot traders: Ensure bots are stopped before delisting to avoid forced liquidations.
Margin Trading
- MATIC Loans: Disabled after 3:00 UTC, August 29, 2024.
Temporary Pause: Margin/flexible loans suspended from 8:00–9:00 UTC, September 3, 2024.
- Repay all loans before 8:00 UTC, September 3 to avoid forced settlements.
- Discount Rate Adjustment (Effective 8:00 UTC, September 3):
| Asset | Tier (USD) | Old Discount Rate | New Discount Rate |
|---|---|---|---|
| MATIC | 0–1,000,000 | 0.8 | 0 |
| 1M–2M | 0.75 | ||
| 2M–4M | 0.5 | ||
| >4M | 0 |
Perpetual Futures
Delisting: MATICUSDT futures delisted at 8:00 UTC, September 9, 2024.
- Positions settled via OKX’s index price average (calculated from 7:00–8:00 UTC).
- Funding rate set to 0 on delisting day.
- Warning: Expect volatility; reduce leverage or close positions early.
3. Token Migration Process
On-Chain Earn
MATIC Subscriptions/Redemptions: Paused from September 4, 2024.
- Staked assets auto-convert to POL by September 7.
- Rewards accumulate normally and distribute post-migration.
- POL staking resumes after migration completes.
Balance Conversion
Snapshot: Taken at 10:00 UTC, September 9, 2024.
- MATIC balances convert to POL 1:1.
Exclusions:
- Assets in transit (deposits/withdrawals).
- Sub-account balances (converted and moved to main accounts post-migration).
- Balances <1 MATIC (not converted).
👉 Learn about Polygon’s migration rationale
FAQs
Q1: Can I trade MATIC after delisting?
No. MATIC trading pairs will be permanently removed after September 7, 2024.
Q2: What happens to my staked MATIC?
Staked MATIC automatically converts to POL by September 7, with uninterrupted rewards.
Q3: How is the POL conversion rate determined?
1 MATIC = 1 POL. The migration is 1:1.
Q4: Are there fees for POL withdrawals?
Standard network fees apply for POL withdrawals post-migration.
Risk Disclaimer:
This content is for informational purposes only. Digital assets are speculative and volatile. Conduct independent research and assess risks before trading. OKX assumes no liability for losses. For details, review our Terms of Service and Risk Disclosure.
OKX Team
August 29, 2024