Following the official Polygon network plan, the MATIC token is set to undergo a migration and will be upgraded to the new POL token.
OKX will fully support this digital asset migration process from MATIC to POL according to the detailed timeline outlined below.
Key Timeline for Deposit and Withdrawal Services
To ensure a smooth transition for all users, OKX will adjust its services for the MATIC and POL tokens on various networks.
1. Polygon PoS (Proof-of-Stake) Network:
- MATIC deposits and withdrawals on the Polygon PoS network will be suspended at 03:00 UTC on August 30, 2024. These services will not be supported after the migration is complete.
2. ERC20 Network (Ethereum Mainnet):
- MATIC deposits and withdrawals on the ERC20 network will be suspended at 21:00 UTC on September 9, 2024. These services will no longer be available from this date onward.
- POL deposits on the ERC20 network will open at 02:00 UTC on September 3, 2024.
- POL withdrawals on the ERC20 network will open at 14:00 UTC on September 4, 2024.
- POL deposits on the Polygon PoS network will open at 13:00 UTC on September 4, 2024.
- The timeline for enabling POL withdrawals on the Polygon PoS network will be announced separately.
Important Updates for Trading Services
The migration will impact various trading products. Users are advised to take note of the following schedule to manage their positions and orders effectively.
Spot Trading
- The POL/USDT and POL/USDC spot trading pairs will be available starting at 13:00 UTC on September 4, 2024.
- OKX plans to delist the MATIC/USDT, MATIC/USDC, and MATIC/EUR spot trading pairs and cancel all related orders at 08:00 UTC on September 7, 2024.
- Users must cancel all open orders for these pairs before 08:00 UTC on September 7, 2024. The system will automatically cancel any remaining orders after this time.
Note for automated traders: By the delisting time, orders set by trading bots for the above pairs will be canceled, and the bots will be stopped. Any related positions will be closed at the prevailing market price.
Margin Trading
- The borrowing feature for MATIC tokens will be discontinued at 03:00 UTC on August 29, 2024.
- OKX will suspend margin trading and flexible loan products between 08:00 and 09:00 UTC on September 3, 2024, at which time all open margin orders will be canceled.
- Users must settle any outstanding loans before 08:00 UTC on September 3, 2024. Force liquidation will be triggered if loans remain unpaid by the delisting time.
- The discount rates for MATIC will be adjusted at 08:00 UTC on September 3, 2024, as per the table below.
| Asset | Tier (USD Value) | Discount Rate (Before) | Tier (USD Value) | Discount Rate (After) |
|---|---|---|---|---|
| MATIC | 0 - 1,000,000 | 0.8 | 0 | 0 |
| 1,000,000 - 2,000,000 | 0.75 | |||
| 2,000,000 - 4,000,000 | 0.5 | |||
| Over 4,000,000 | 0 |
Perpetual Swaps
- OKX will delist the MATICUSDT perpetual swap contract and cancel all related orders at 08:00 UTC on September 9, 2024. All order book entries will be canceled upon delisting.
- All open positions for this contract will be delivered (settled) between 07:00 and 08:00 UTC based on the corresponding OKX index price average.
- Should the index price show any abnormalities during this pre-delivery period, OKX may adjust the final delivery price to a reasonable level.
Important: The funding rate for this contract will be set to 0 at 08:00 UTC on the delisting day, so no funding fees will be charged for that period. Due to potential high market volatility before delisting, users are strongly advised to manage their risk by reducing leverage multipliers or closing positions in advance. For a deeper understanding of managing such transitions, you can explore more strategies on our platform.
Detailed Migration Process for User Assets
OKX will handle the technical process of converting user holdings from MATIC to POL automatically.
1. Earn Products:
- Subscriptions and redemptions for MATIC-based Earn products will be suspended from September 4, 2024.
- Staked assets will be automatically converted to POL starting September 4, with the migration expected to be complete by September 7, 2024.
- During this period, rewards will continue to accrue as usual and will be distributed after the migration is finished.
- POL-based in-Earn products will become available once the migration is complete.
2. User Holdings Snapshot:
- A snapshot of users' Funding Account holdings will be taken at 10:00 UTC on September 9, 2024.
- All MATIC holdings captured in this snapshot will be converted to POL at a 1:1 ratio.
- A separate announcement will be made once this migration is complete.
Snapshot Details:
- Relevant assets will be moved from the Trading Account to the Funding Account for the snapshot.
- Any MATIC tokens that are still mid-withdrawal or have not been successfully deposited at the exact snapshot time will not be included in the migration.
- MATIC tokens in sub-accounts will be converted to POL and transferred to the main account after migration.
- Holdings of less than 1 MATIC will not be migrated.
Frequently Asked Questions (FAQ)
Q1: Do I need to do anything to migrate my MATIC tokens to POL on OKX?
A: For most users, no action is required. OKX will automatically handle the conversion of MATIC to POL for all holdings in your Funding Account at the time of the snapshot. Simply ensure your tokens are not in transit (mid-deposit or withdrawal) during the specified times.
Q2: What happens to my open MATIC spot orders when the trading pairs are delisted?
A: All open orders for MATIC spot trading pairs (MATIC/USDT, MATIC/USDC, MATIC/EUR) will be automatically canceled by the system at 08:00 UTC on September 7, 2024. To avoid any unexpected cancellations, we recommend you close these orders yourself beforehand.
Q3: Will the value of my holdings change during the migration from MATIC to POL?
A: The migration is performed at a 1:1 ratio, meaning you will receive one POL token for every MATIC token you hold. The market will determine the value of POL after trading begins. The migration process itself does not change the nominal quantity of your holdings.
Q4: Can I still deposit MATIC to OKX after the migration?
A: No. Deposits for MATIC on the Polygon PoS network are suspended from August 30, and on the ERC20 network from September 9. After these dates, only POL deposits will be accepted. Always check the latest announcements on our official channels for the most current information.
Q5: How long will the entire migration process take?
A: The process is phased. The automated conversion for Earn products begins on September 4. The snapshot and conversion for general user holdings occur on September 9. All services for POL are expected to be fully operational shortly after. Timelines for specific services like Polygon PoS withdrawals will be communicated separately.
Q6: Is there a minimum holding amount required for the automatic migration?
A: Yes, holdings of less than 1 MATIC will not be included in the automatic migration process. Ensure your balance is at least 1 MATIC to qualify for the conversion.
Risk Warning: Digital assets are highly speculative and volatile, and you could lose your entire investment. This information, sourced from third parties, is for informational purposes only. It is not financial advice, nor does OKX guarantee its accuracy or completeness. You must conduct your own research and assess your risk tolerance before trading. OKX is not liable for any trading losses. Please refer to our Terms of Service and Risk Disclosure for more information.