The Polygon ecosystem is evolving. According to the official Polygon migration plan, the native MATIC token will be systematically replaced by the new POL token. OKX is committed to supporting its users throughout this significant network upgrade, ensuring a smooth and seamless transition for all holders.
This article provides a complete overview of OKX's support schedule, covering deposits, withdrawals, trading, and the automatic migration process for your assets.
Key Dates and Timeline for the Migration
The migration follows a precise schedule. All times are in UTC.
Deposits and Withdrawals
To facilitate a secure transition, deposit and withdrawal services for the affected tokens will be temporarily suspended according to the following timeline:
- Polygon PoS Network (MATIC): Suspended from 03:00, August 30, 2024. Support will be fully discontinued after the conversion is complete.
- ERC-20 Mainnet (MATIC): Suspended from 21:00, September 9, 2024.
- ERC-20 Mainnet (POL): Deposits will open at 02:00 on September 3, 2024. Withdrawals will become available at 14:00 on September 4, 2024.
- Polygon PoS Network (POL): Deposits will open at 13:00 on September 4, 2024. The schedule for POL withdrawals on the Polygon PoS network will be announced at a later date.
Trading Services Update
Trading pairs will be delisted and new ones introduced. It is crucial to manage your orders before the specified times to avoid automatic cancellation.
Spot Trading
- New trading pairs for POL/USDT and POL/USDC will open at 13:00 on September 4, 2024.
The existing MATIC/USDT, MATIC/USDC, and MATIC/EUR spot trading pairs will be delisted at 08:00 on September 7, 2024. All outstanding orders for these pairs will be automatically canceled by the system at this time.
- Important Note: Trading bots for these MATIC pairs will be stopped, and any remaining positions may be sold or closed at the market price.
Margin Trading
Significant changes will also occur in margin trading:
- MATIC borrowing will be halted at 03:00 on August 29, 2024.
- Margin trading and flexible loans will be temporarily suspended from 08:00 to 09:00 UTC on September 3, 2024. All open margin orders will be canceled.
- Users must repay all MATIC loans before 08:00 UTC on September 3, 2024. Failure to do so will result in forced liquidation.
- The MATIC discount rate will be adjusted at 08:00 on September 3, 2024, as shown in the table below.
| Asset | Tier (USD) | Discount Rate (Before) | Discount Rate (After) |
|---|---|---|---|
| MATIC | 0 - 1,000,000 | 0.8 | 0 |
| 1,000,000 - 2,000,000 | 0.75 | 0 | |
| 2,000,000 - 4,000,000 | 0.5 | 0 | |
| > 4,000,000 | 0 | 0 |
Perpetual Swaps
- The MATICUSDT perpetual swap contract will be delisted at 08:00 on September 9, 2024. All related orders will be canceled.
- All open positions will be settled at the arithmetic average of the OKX index price between 07:00 and 08:00 UTC that day.
- The funding rate for the 08:00 UTC cycle on the delisting day will be set to 0.
- Due to potential high volatility, it is strongly advised to close relevant positions or reduce leverage ahead of the delisting.
Automatic Token Migration Process on OKX
OKX will handle the bulk of the token conversion automatically for users, simplifying the process.
On-Chain Earn Products
- Subscriptions and redemptions for MATIC in On-Chain Earn will be suspended from September 4, 2024.
- All staked MATIC assets will be automatically migrated to POL starting September 4, with the process expected to complete by September 7.
- Staking rewards will continue to accrue as normal during the migration and will be distributed afterward.
- Staking for POL will resume once the migration is complete.
Main Account Snapshot and Conversion
- A snapshot of all main account balances will be taken at 10:00 UTC on September 9, 2024.
All MATIC holdings will be converted to POL at a 1:1 ratio based on this snapshot.
- Any MATIC in trading accounts will be moved to the main account for the snapshot.
- Assets in mid-deposit or mid-withdrawal will not be included in the snapshot.
- MATIC tokens in sub-accounts will be converted to POL and transferred to the main account after migration.
- Balances of less than 1 MATIC will not be converted.
For a detailed guide on managing your assets during this transition, you can explore more strategies on our official platform.
Frequently Asked Questions
What is the difference between MATIC and POL?
POL is the new technical standard for the upgraded Polygon ecosystem, designed to power a broader network of interconnected chains. MATIC is the original native token of the Polygon PoS chain, which it will replace.
Do I need to do anything with my MATIC on OKX?
For most users, no action is required. OKX will automatically convert your MATIC holdings to POL during the scheduled snapshot. However, you must cancel any open orders and close margin/swap positions to avoid automatic cancellation.
What happens to my staked MATIC in On-Chain Earn?
Your staked MATIC will be automatically migrated to POL without any action required. You will continue to earn rewards during the process, which will be distributed after the migration is complete.
Will the conversion rate always be 1 MATIC to 1 POL?
Yes, on the OKX exchange, the conversion for holders will be executed at a 1:1 ratio during the scheduled snapshot.
Are there any risks involved?
As with any major network upgrade, users should be aware of potential market volatility around the key dates. OKX recommends closing leveraged positions and managing risk appropriately.
Disclaimer: The information provided here is for educational purposes only. It may contain details provided by third parties. OKX does not guarantee its accuracy or completeness, and it should not be considered financial or investment advice. Digital asset investments are speculative and volatile. Conduct your own research and assess your risk tolerance before trading. OKX is not liable for any trading losses. For further details, please refer to our Terms of Service and Risk & Compliance Notice.