The Polygon ecosystem is evolving, and a key part of its upgrade is the migration of its native token from MATIC to POL. This guide provides a detailed overview of the entire process, including important dates, trading changes, and how your assets will be handled on the OKX platform.
Key Dates and Timeline for the Migration
Understanding the timeline is crucial for a smooth transition. The migration involves a series of carefully scheduled events affecting deposits, withdrawals, and trading.
Deposit and Withdrawal Schedule
The suspension and reactivation of network services will occur in phases:
- Polygon PoS Network (MATIC): Deposits and withdrawals will be suspended at 3:00 am UTC on August 30, 2024. These services will not be reinstated for MATIC after the conversion.
- ERC-20 Mainnet (MATIC): Deposits and withdrawals will be suspended at 9:00 pm UTC on September 9, 2024.
- ERC-20 Mainnet (POL): Deposits will open at 2:00 am UTC on September 3, 2024. Withdrawals will follow, opening at 2:00 pm UTC on September 4, 2024.
- Polygon PoS (POL): Deposits will open at 1:00 pm UTC on September 4, 2024. The schedule for POL withdrawals on the Polygon PoS network will be announced at a later date.
Trading and Investment Product Updates
The migration will significantly impact various trading instruments on the exchange. It is essential to manage your positions and orders before the specified deadlines.
Spot Trading Changes
Significant changes are coming to the spot markets for both MATIC and the new POL token.
- New POL Pairs: POL/USDT and POL/USDC spot trading pairs will open at 1:00 pm UTC on September 4, 2024.
- MATIC Delisting: OKX will delist the MATIC/USDT, MATIC/USDC, and MATIC/EUR spot trading pairs at 8:00 am UTC on September 7, 2024. All related open orders will be terminated automatically at this time.
- Action Required: Users must cancel all existing orders for these pairs before the delisting time. The system will automatically cancel any remaining orders, and trading bots associated with these pairs will be stopped. Any remaining positions may be sold at the prevailing market price.
Margin Trading Adjustments
The margin trading features for MATIC will be phased out according to the following schedule:
- The MATIC borrowing feature will be disabled at 3:00 am UTC on August 29, 2024.
- Margin trading and flexible loans will be temporarily suspended between 8:00 am and 9:00 am UTC on September 3, 2024. All open margin orders will be canceled during this window.
- Users must settle any outstanding MATIC loans before 8:00 am UTC on September 3, 2024. Unpaid borrowings remaining at the delisting time will be subject to forced settlement.
- A major adjustment to the MATIC collateral discount rate will occur at 8:00 am UTC on September 3, 2024, effectively reducing its value to zero for margin purposes.
| Tier (USD) | Discount Rate (Before) | Tier (USD) | Discount Rate (After) |
|---|---|---|---|
| 0 - 1,000,000 | 0.8 | 0 | 0 |
| 1,000,000 - 2,000,000 | 0.75 | ||
| 2,000,000 - 4,000,000 | 0.5 | ||
| > 4,000,000 | 0 |
Perpetual Futures Delisting
The MATICUSDT perpetual swap contract will be delisted at 8:00 am UTC on September 9, 2024.
- All related orders will be terminated, and open positions will be delivered.
- The delivery price will be based on the arithmetic average of the corresponding OKX index price between 7:00 am and 8:00 am UTC on September 9.
- The funding rate for the final billing period before delisting will be set to 0.
- Due to potential high market volatility before delisting, users are strongly advised to manage risk by reducing leverage or closing positions early.
The Automatic Token Migration Process
For most users, the conversion of MATIC to POL will be handled automatically by OKX. The process is designed to be seamless, with a few important exceptions.
The primary migration will occur via a snapshot of user funding accounts at 10:00 am UTC on September 9, 2024. All MATIC holdings will be converted to POL at a 1:1 ratio. A separate announcement will confirm the completion of the migration.
Critical details for the snapshot:
- Assets in trading accounts will be automatically transferred to the funding account to be included in the snapshot.
- MATIC tokens that are mid-withdrawal or not yet successfully deposited at the exact time of the snapshot will not be included in the migration.
- Holdings in sub-accounts will be converted and then transferred to the main account.
- Dust balances of less than 1 MATIC will not be converted.
On-Chain Earn and Staking
The migration also affects staked assets within OKX's On-Chain Earn product.
- Subscriptions and redemptions for MATIC staking will be suspended starting September 4, 2024.
- Staked MATIC assets will be automatically converted to POL between September 4 and September 7.
- During this conversion window, earnings will continue to accumulate as usual and will be distributed after the migration is complete.
- On-Chain Earn staking for POL will reopen once the entire migration process is finalized.
For a visual breakdown of the timeline and to ensure you don’t miss a critical step, you can view the detailed migration planner here.
Frequently Asked Questions
What is the difference between MATIC and POL?
POL is the next-generation technical upgrade of the Polygon network's native token, designed to support a broader ecosystem of layer-2 chains. It replaces MATIC with enhanced functionality for the future of the Polygon infrastructure.
Do I need to do anything to migrate my MATIC tokens on OKX?
For the vast majority of users, no action is required. OKX will automatically handle the conversion of MATIC to POL in your funding account via a snapshot on September 9, 2024. The only required actions are related to managing active trades, loans, and orders before the various suspension deadlines.
What happens to my open MATIC spot orders when trading is delisted?
All open orders for MATIC trading pairs (e.g., MATIC/USDT) will be automatically canceled by the system at 8:00 am UTC on September 7, 2024. It is recommended that you cancel these orders yourself beforehand to avoid any potential market volatility affecting your intended trades.
Will my staking rewards be affected during the migration?
No, your staking rewards will not be affected. Earnings will continue to accumulate normally throughout the conversion period from September 4-7. The accrued rewards will be distributed to you once the migration of the staked principal is complete.
What if my MATIC is in transit during the snapshot?
Only tokens that are successfully deposited and sitting in your OKX funding account at the precise time of the snapshot will be converted. Any MATIC that is still in the process of being withdrawn from or deposited to OKX will not be included. Ensure all transactions are completed well before the snapshot time.
Is the 1:1 conversion rate guaranteed?
Yes, OKX will convert your MATIC holdings to POL at a 1:1 ratio during the snapshot. This is a technical upgrade of the asset, not a financial exchange, so the quantity of tokens you hold will remain the same.
Disclaimer: This overview is for informational and educational purposes only. The information provided, which may come from third-party sources, does not constitute financial, investment, or trading advice. Digital asset investments are highly speculative and volatile, and you could lose your entire investment. Always conduct your own research (DYOR) and assess your risk tolerance before engaging in any trading activity.