Crypto.com will be supporting the Polygon (MATIC) token migration to Polygon Ecosystem Token (POL) for Staking and Earn products. Starting 4 September 2024, Polygon Labs will be performing a technical upgrade that swaps its MATIC token for its new POL token. This migration is part of Polygon’s broader strategy to enhance its network’s functionality and efficiency, aligning with the goals outlined in its Polygon 2.0 roadmap.
Polygon Labs also shared that while POL is intended to fully replace MATIC, MATIC and POL will coexist and both serve for consensus and staking. MATIC will become a wrapper token for POL, which will limit the migration work for users, stakers, and developers. For more details, please refer to the official announcement here.
What does the migration mean for Crypto.com users with staked MATIC?
On 4 September 2024, in line with the on-chain upgrade, Crypto.com will facilitate the conversion of staked MATIC to staked POL at a 1:1 ratio. There is no action required from users.
Before the Migration
Between 30 August 2024, 00:00 UTC and 6 September 2024, 04:00 UTC (‘Migration Period’), users will not be able to stake or unstake MATIC as we prepare for the transition.
Users with liquidity needs for MATIC should unstake their tokens before the Migration Period. Other staking tokens will not be impacted.
After the Migration
Once the migration is complete, staked MATIC will be converted to staked POL at a 1:1 ratio. Users will also be able to stake and unstake POL at this time.
Impact on Staking Reward Distribution
During the Migration Period, there will be a final reward distribution to users’ Wallets in MATIC and users’ staked MATIC/POL will continue to earn rewards.
After the migration, the POL rewards that have accrued on-chain during and after the Migration Period will be distributed to users’ Wallets.
What does the migration mean for users with MATIC allocations in Crypto Earn?
Between 01:00 UTC and 03:00 UTC on 4 September 2024, (‘Earn Migration Period’), all allocations and withdrawals of MATIC will be suspended for Earn. MATIC allocations will be converted to POL at a 1:1 ratio after the Earn Migration Period.
There will be a final reward distribution in MATIC on 4 September, and rewards will continue to accrue during the Earn Migration Period. Earn allocations and withdrawals with POL will be enabled after 4 September 2024, 03:00 UTC. Other Earn tokens will not be impacted.
This migration only applies to Crypto.com Staking and Earn products. MATIC and POL tokens will still coexist for trading, deposit and withdrawal until further notice for the full migration plan.
