On September 4, 2024, Polygon's long-awaited upgrade from MATIC to POL will take effect. MATIC tokens held on Nexo will automatically convert to POL on the Polygon PoS network, marking a pivotal moment in Polygon's evolution toward Polygon 2.0.
Polygon 2.0 and the POL Migration
Polygon 2.0 introduces advanced enhancements to scalability and liquidity, transforming Polygon into an aggregated network of blockchains. The transition from MATIC to Polygon Ecosystem Token (POL) underscores Polygon’s commitment to innovation, interoperability, and community governance.
👉 Learn more about POL’s hyperproductive capabilities
Key Migration Details
- Automatic Conversion: MATIC tokens on Nexo will convert to POL at a 1:1 ratio on September 4, 2024—no action required.
Service Updates:
- MATIC top-ups, exchanges, and Target Price Swap orders will phase out by 13:00 UTC on migration day.
- POL transfers will be exclusive to the Polygon network (not Ethereum).
- Continued Support: Nexo’s full product suite (e.g., Earn rates up to 7%, Nexo Card, futures) will support POL post-migration.
Why POL?
- Enhanced Utility: Powers advanced DApps and aligns with Polygon’s vision as a multi-chain network.
- Scalability: Boosts transaction speeds and reduces costs on Polygon PoS.
- Interoperability: Integrates with AggLayer to unify liquidity across ZK-Rollup chains.
- Community-Driven: POL’s adoption followed overwhelming support via PIP-17, reflecting decentralized governance.
👉 Explore POL’s role in Polygon’s ecosystem
Nexo’s Polygon Ecosystem Support
Since 2021, Nexo has offered:
- Direct MATIC purchases via card.
- Diverse trading pairs and yield opportunities.
- The Nexo Card for seamless spending.
These features will seamlessly transition to POL, reinforcing Nexo’s commitment to Polygon’s growth.
FAQ Section
Q: Do I need to manually convert MATIC to POL on Nexo?
A: No—the conversion is automatic. Your MATIC balance will update to POL on September 4.
Q: Will POL support Ethereum-based transfers?
A: No. POL transfers are exclusive to the Polygon network post-migration.
Q: What happens to active MATIC Target Price Swap orders?
A: They’ll be canceled on migration day. New POL Target Price Swaps can be created afterward.
Q: How does POL improve Polygon’s ecosystem?
A: POL enhances scalability, interoperability, and DApp utility via AggLayer integration.
Q: Are there fees for the MATIC-to-POL conversion?
A: Nexo users incur no fees for the 1:1 conversion.
Disclaimer: Digital assets involve risks. Consult a professional before making financial decisions. Services may not be available in all jurisdictions.
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