Crypto.com has announced its support for the Polygon (MATIC) to Polygon Ecosystem Token (POL) migration, specifically for Staking and Earn products. This transition aligns with Polygon Labs' technical upgrade commencing on 4 September 2024, as part of the broader Polygon 2.0 roadmap.
Key Details of the Migration
- 1:1 Conversion Ratio: Staked MATIC will automatically convert to POL without user action.
- Coexistence of MATIC and POL: MATIC will function as a wrapper token for POL post-migration, minimizing disruption for users and developers.
- Migration Timeline: Critical dates include the 30 August–6 September 2024 staking suspension and the 4 September 2024 token swap.
For Staking Users
Before Migration (30 August–6 September 2024)
- Staking/Unstaking Suspended: Users cannot stake or unstake MATIC during this period.
- Action Required: Liquidity needs must be addressed before 30 August 2024.
After Migration
- Automatic Conversion: Staked MATIC becomes staked POL (1:1).
- Reward Distribution: Final MATIC rewards distributed pre-migration; POL rewards accrue post-migration.
For Crypto Earn Users
- Earn Migration Period: MATIC allocations and withdrawals paused on 4 September 2024 (01:00–03:00 UTC).
- Post-Migration: MATIC converts to POL (1:1); POL allocations resume after 03:00 UTC.
- Rewards: Final MATIC rewards issued pre-migration; POL rewards continue accruing.
FAQs
1. Do I need to manually convert MATIC to POL?
No. Crypto.com handles the conversion automatically for staked and Earn-allocated tokens.
2. Can I trade MATIC after the migration?
Yes. MATIC and POL will coexist for trading, deposits, and withdrawals until further notice.
3. Will staking rewards be affected?
Rewards accrue during the migration but are distributed in POL post-transition.
4. What happens to unstaked MATIC in my wallet?
Unstaked MATIC remains unchanged unless used in Staking/Earn products.
👉 Learn more about Polygon 2.0 upgrades
Conclusion
This migration enhances Polygon’s ecosystem efficiency while ensuring minimal user disruption. Stay informed via Crypto.com’s official channels for updates.