The upcoming transition from MATIC to POL marks a pivotal evolution in the Polygon ecosystem, signaling a broader shift toward scalability and decentralized governance. As part of this transformation, OKX will fully support the MATIC token migration, ensuring a seamless experience for users during the upgrade process. This article outlines the complete timeline, trading adjustments, staking implications, and key actions users must take to stay ahead during the migration.
Understanding the MATIC to POL Migration
Polygon’s rebranding and technical upgrade from MATIC to POL is more than just a name change—it reflects a strategic shift toward a modular blockchain infrastructure with enhanced capabilities. The migration ensures that existing MATIC holders retain their value through a 1:1 conversion to POL, preserving equity while unlocking future utility within Polygon’s expanded ecosystem.
OKX is actively aligning its platform operations to support this transition across deposits, withdrawals, trading pairs, staking services, and derivatives markets.
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Deposit and Withdrawal Schedule
To ensure network stability and accurate asset conversion, OKX has implemented a phased suspension and relaunch of deposit and withdrawal functions:
- MATIC (Polygon PoS Network)
Deposits and withdrawals will be suspended at 03:00 UTC on August 30, 2024. After token conversion, MATIC will no longer be supported on this network. - MATIC (ERC20 Mainnet)
Support ends at 21:00 UTC on September 9, 2024, after which ERC20-based MATIC transfers will no longer be processed. POL (ERC20 Mainnet)
- Deposits open: 02:00 UTC on September 3, 2024
- Withdrawals open: 14:00 UTC on September 4, 2024
POL (Polygon PoS Network)
- Deposits open: 13:00 UTC on September 4, 2024
- Withdrawal availability: To be announced separately
Users are strongly advised to complete all necessary transfers before the cutoff times to avoid transaction failures or delays.
Trading Adjustments on OKX
Spot Trading Updates
OKX is updating its spot market offerings to reflect the new token standard:
New Trading Pairs Launch
- POL/USDT and POL/USDC spot trading will go live at 13:00 UTC on September 4, 2024
MATIC Trading Pairs Delisting
At 08:00 UTC on September 7, 2024, the following pairs will be delisted:- MATIC/USDT
- MATIC/USDC
- MATIC/EUR
All open orders on these pairs will be automatically canceled. Additionally:
- Trading bots linked to these pairs will be stopped
- Open positions will be closed at market price at the time of delisting
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Margin Trading Changes
To manage risk exposure during migration, OKX is adjusting margin trading features:
- MATIC borrowing ends at 03:00 UTC on August 29, 2024
- Margin trading and flexible loans will be suspended between 08:00–09:00 UTC on September 3, 2024
- All open margin orders will be canceled during this window
Users must repay outstanding loans before 08:00 UTC on September 3, 2024, or face forced liquidation.
Additionally, the discount rate for MATIC will be adjusted to zero at the same time. Previously tiered discounts based on holdings (up to $4M) will no longer apply post-migration.
Perpetual Futures Market Update
The MATICUSDT perpetual futures contract will be delisted at 08:00 UTC on September 9, 2024. Key details include:
- All related open orders will be canceled
- Positions will be settled using the arithmetic average price of the OKX MATIC index from 07:00 to 08:00 UTC
- If index anomalies occur, OKX reserves the right to adjust the final settlement price
- The funding rate at delisting time will be set to 0, with no funding fee charged
Given potential volatility leading up to delisting, traders are encouraged to reduce leverage or close positions proactively.
Token Migration Process
The core of the transition lies in the automated conversion of MATIC to POL tokens. Here's what users need to know:
- On-chain Earn Services
Subscriptions and redemptions for MATIC staking will pause starting September 4, 2024. Staked assets will automatically convert to POL between September 4–7, 2024, with rewards continuing to accrue during migration. POL staking will resume once migration is complete. User Account Snapshot
A snapshot of all user balances will occur at 10:00 UTC on September 9, 2024. At this point:- MATIC holdings in funding accounts will convert to POL at a 1:1 ratio
- Assets in trading accounts will first be moved to funding accounts for inclusion
- Tokens in transit (pending withdrawal or deposit) will not be eligible
- Sub-account balances will convert and transfer to the main account
- Holdings below 1 MATIC will not be migrated
Ensure your wallet is active and balances are settled prior to the snapshot.
Frequently Asked Questions (FAQ)
Q: Will I lose my MATIC tokens during the migration?
A: No. All eligible MATIC tokens will be converted to POL at a 1:1 ratio. Ensure your balance is confirmed in your funding account before the snapshot.
Q: Do I need to manually swap MATIC for POL?
A: No. The migration is automatic for users holding MATIC on OKX. No action is required beyond ensuring eligibility.
Q: Can I still stake POL after migration?
A: Yes. On-chain Earn for POL staking will reopen after migration completes around September 7.
Q: What happens if I have an open futures position after delisting?
A: All MATICUSDT perpetual futures positions will be settled at the index average price between 07:00–08:00 UTC on September 9.
Q: Are there any fees for the token migration?
A: No. The conversion from MATIC to POL is free of charge.
Q: Will POL have the same network fees as MATIC?
A: POL operates under Polygon’s upgraded framework, which may introduce optimized fee structures over time. Monitor official Polygon updates for details.
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Final Notes and Risk Reminder
While OKX facilitates a smooth transition, users should remain aware that digital assets are inherently volatile and speculative. Past performance does not guarantee future results. Always conduct independent research and assess your risk tolerance before engaging in crypto trading or staking.
This migration represents a significant step forward for Polygon’s vision of a decentralized internet. By upgrading from MATIC to POL, users gain access to an evolving ecosystem built for scalability, interoperability, and community-driven innovation.
Stay informed, act proactively, and leverage trusted platforms to navigate blockchain transitions confidently.