Polygon is planning a token migration from its current token, MATIC, to a new token called POL.
- MATIC will be delisted at 7AM UTC, September 13th 2024.
- POL will be listed at 8AM UTC, September 13th 2024.
This migration will involve a shift in functionality and network operations, and users holding MATIC will need to take action to convert their tokens. Below are the details of how this migration will impact your account on Backpack Exchange.
Important: You will need to withdraw your MATIC tokens and handle the conversion to POL yourself. Backpack Exchange will not automatically convert MATIC to POL on your behalf.
Key Points
What is POL?
POL will be replacing MATIC as the native token for Polygon. After the migration, POL will be used for network operations such as gas and staking.
Why the Migration?
The migration from MATIC to POL is being implemented as part of changes to the Polygon network to adjust the token’s role and functions. This will impact holders of MATIC who wish to continue interacting with the network using POL.
What Should You Do?
You will need to withdraw your MATIC tokens from Backpack Exchange if you wish to convert them to POL. Backpack Exchange will not perform this conversion on your behalf. You will need to follow the official conversion process provided by Polygon.
Deposits and Withdrawals
MATIC Deposits:
Deposits for MATIC will be disabled on Backpack Exchange before the migration [exact time TBD]. You will not be able to deposit MATIC tokens once this is in effect. Make sure any pending deposits are completed beforehand.
POL Deposits and Withdrawals:
After the migration, POL deposits and withdrawals will be enabled [exact time TBD]. You will then be able to deposit POL tokens and make withdrawals.
MATIC Withdrawals:
You will need to withdraw your MATIC tokens from Backpack Exchange before the migration concludes if you wish to convert them to POL. This conversion will need to be done using the official Polygon process or other external platforms. Backpack Exchange will not convert the tokens for you.
Trading
MATIC/USDC Trading Pair:
The MATIC/USDC trading pair will be placed in cancel-only mode [exact time TBD]. No new orders will be accepted, and existing orders will be canceled.
POL/USDC Trading Pair:
A new POL/USDC trading pair will be introduced after the migration [exact time TBD]. Trading will open once POL deposits and withdrawals are enabled.
User Responsibility for MATIC Conversion:
Backpack Exchange will not convert MATIC to POL for users. Users will need to manage the conversion process on their own using the official methods provided by Polygon.
FAQ
What happens to my MATIC if I do nothing?
If no action is taken, your MATIC will remain in your Backpack Exchange account. However, after the migration, you will need to withdraw and convert it yourself if you wish to use POL.
Will I be able to trade MATIC after the migration?
No, after the migration, MATIC will no longer be tradable. POL will be introduced as a replacement, and a new POL/USDC trading pair will be available.
Is Backpack Exchange going to handle the token conversion for me?
No, Backpack Exchange will not convert MATIC to POL. You must withdraw your MATIC tokens and convert them through the appropriate channels.
When will POL deposits and trading be available?
POL deposits, withdrawals, and trading will be available after the migration is complete. The exact time will be confirmed closer to the event.
Further Information
For more details on the migration process, please refer to the official Polygon migration announcement.
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