In a world of ongoing crypto development and innovation, MATIC’s transition to POL is a significant step in the “Polygon 2.0” roadmap. How will this affect the crypto markets?
Save the Date: MATIC to POL Migration
In the world of crypto, nothing seems to stand still for all too long, with the latest example being MATIC’s migration to POL. Here’s everything you need to know.
What is the MATIC to POL migration?
In a bid for “expanded utility”, MATIC, Polygon Labs’s native token, is due to undergo a major change in early September, being entirely replaced by a new token, POL.
Dubbed a ‘community-driven upgrade’, the transition from MATIC to POL has been in-the-making since early July 2023 and forms a lead part of the “Polygon 2.0” roadmap.
When will the MATIC to POL migration happen?
According to Polygon Labs, the migration will take place on September 4th 2024, with MATIC tokens being swapped with POL on a 1:1 basis.
After this process is complete, POL will become the new gas and staking token of the Polygon PoS (proof-of-stake).
Image courtesy of Polygon Labs.
What does this news mean for OANDA Crypto account holders?
Below is how OANDA Crypto intends to support the upcoming migration, as well as some frequently-asked questions:
Can I continue to trade MATIC?
We will be suspending trading of all MATIC pairs on September 4th 2024, 06:00 GMT.
What will happen to existing open orders?
Any open MATIC orders will be cancelled on the 4th of September 08:00 GMT,, with the associated funds credited to your account.
When will my MATIC tokens be swapped to POL?
All MATIC tokens will be swapped with POL on a 1:1 basis, free of charge, from the 20th of September 2023. Once this process is completed, we will notify all current holders of MATIC.
If you do not wish to have your tokens swapped from MATIC to POL, please withdraw your tokens from the platform as soon as possible.
Can legacy MATIC tokens be deposited during the migration period?
No. After September 4th 2024, any MATIC deposits will be returning to your depositing wallet. If you would like your MATIC to be swapped to POL, we advise all MATIC balances are deposited before 00:00 September 3rd, 2024.
When can I trade the new POL token?
Trading of the new POL token will be available from September 17th 2024, 12:00 GMT onwards.
When can I withdraw my POL tokens after the migration?
OANDA Crypto will aim to support withdrawals of the new POL token from the 20th of September onwards.
When can I deposit my POL tokens from other platforms?
OANDA Crypto will aim to support deposits of POL tokens on the 20th of September 2024 on the Polygon blockchain only.
A chart showing the recent price action of MATIC vs. the U.S dollar. TradingView, 03/09/2024.
MATICUSD: At a glance
- At the time of writing, MATIC trades around ~$0.40, down 29.09% from previous highs made in late August. By comparison, Bitcoin trades 16.00% lower than its previous highs made around the same time period.
- Following a significant bull run in December 2021, MATIC reached an all-time of $2.92. In today’s session, MATIC currently trades roughly 86% lower, at around ~$0.40.
In Conclusion
In a world of continuing crypto innovation and development, MATIC’s migration to POL signifies yet another way in which crypto differs from that of traditional fiat currencies.
As to whether the latest update will help buck MATIC’s downtrend - only time will tell.
Footnotes
Disclaimer
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