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Important Update: MATIC and Polygon Tokens Trading Services to Close Ahead of Upcoming Migration

September 2, 2024
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2 min

We want to inform our users about an important update regarding MATIC and Polygon tokens. Due to the upcoming MATIC to POL token migration scheduled by the Polygon team, we will be implementing a few temporary changes to our platform.

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Key Changes to Note

Closure of Deposit and Withdrawal Services

Starting at 14:00 UTC on September 2, 2024, we will temporarily close all deposit and withdrawal services for MATIC and Polygon tokens. This step is necessary to ensure a smooth transition during the migration process.

Suspension of Trading Services

At the same time, we will also pause all trading services involving MATIC and Polygon token pairs. This means you will not be able to execute any trades for these pairs starting at the given time. We strongly advise all users to cancel any pending MATIC orders before the deadline to avoid any inconvenience.

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Why Is This Happening?

The Polygon team recently announced an exciting update regarding the evolution of their ecosystem. On September 4, 2024, Polygon will officially begin the migration from the MATIC token to the new POL token,  a significant upgrade in the protocol's capabilities.

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What Does the MATIC to POL Migration Mean?

The migration from MATIC to POL is a key part of Polygon's strategy to improve its network security, governance, and staking capabilities. The new POL token will introduce several features designed to empower validators and stakers across multiple chains within the Polygon ecosystem.

The Polygon team has also provided a detailed timeline and guide on how the migration will take place, allowing users and developers to be well-prepared for the transition. For a comprehensive overview, please check out their official blog post: Polygon's MATIC to POL Migration Details.

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What Do You Need to Do?

  • Cancel Pending Orders: Make sure all MATIC pending orders are canceled before the suspension of services at 14:00 UTC on September 2, 2024.
  • Stay Informed: Keep an eye on further announcements from both us and Polygon as the migration date approaches.

We appreciate your understanding and cooperation as we work together to support this important transition. Our team is committed to ensuring a smooth process for all of our users. If you have any questions or need further assistance, please don't hesitate to contact our support team.

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Risk Disclosure Statement

The information provided in this article is for educational and informational purposes only and should not be construed as financial, tax, or legal advice or recommendation. Dealing with virtual currencies involves significant risks, including the potential loss of your investment. We strongly recommend you obtain independent professional advice before making any financial decisions. The products and services offered by Cryptology may not be suitable for all users and may not be available in certain countries or jurisdictions. The promotional materials do not guarantee any specific outcomes or profits from virtual trading. Past performance is not indicative of future results. It is important to read and understand the risks, which are explained in our Risk Disclosure Statement

Katya V.

Katya is one of Cryptology’s skilled content managers and a writer with a diverse background in content creation, editing, and digital marketing. With experience in several different industries, mostly blockchain and others like deep tech, they have refined their ability to craft compelling narratives and develop SEO strategies.