OKX to support MATIC token migration

According to the official plan of Polygon, the MATIC token will be undergoing a token migration and will be upgraded to POL.

OKX will support MATIC migration to POL as per the following schedule:

1. Deposits and withdrawals

1. MATIC deposits and withdrawals on the Polygon PoS Network will be suspended at 3:00 am UTC on August 30, 2024, and will no longer be supported after the token conversion is complete.
2. MATIC deposits and withdrawals on the ERC20 Mainnet will be suspended at 9:00 pm UTC on September 9, 2024, and will no longer be supported.
3. POL deposits on ERC20 Mainnet will open at 2:00 am UTC on September 3, 2024.
4. POL withdrawals on ERC20 Mainnet will open at 2:00 pm UTC on September 4, 2024.
5. POL deposits on Polygon PoS will open at 1:00 pm UTC on September 4, 2024. The schedule for POL on Polygon PoS withdrawals will be announced separately.

2. Trading instruments

1. Spot trading
   1. POL/USDT and POL/USDC spot trading will open at 1:00 pm UTC on September 4, 2024.
   2. OKX will delist MATIC/USDT, MATIC/USDC, MATIC/EUR spot trading pairs and terminate any related orders at 8:00 am UTC on September 7, 2024.
   3. Please cancel all orders before 8:00 am UTC on September 7, 2024. Our system will cancel any outstanding orders after this time.
   At the time of delisting, orders placed by trading bots for the above-mentioned pairs will be canceled, and bots will be stopped. Any related pairs or positions will be sold or closed at the market price at that time.

2. Margin trading
   1. MATIC borrowing feature will cease at 3:00 am on August 29, 2024.
   2. OKX will suspend margin trading and flexible loans between 8:00 am and 9:00 am UTC on September 3, 2024 and open orders for margin will be canceled.
   3. Please settle any outstanding loans before 8:00 am UTC on September 3, 2024. A forced payment will be triggered if unpaid borrowings remain due by the delisting time.
   4. An adjustment to the discount of the MATIC token will be made at 8:00 am on September 3, 2024.

   Asset	Before		After
   	Tier (USD)	Discount rate	Tier (USD)	Discount rate
   MATIC	0 - 1,000,000	0.8	0	0
   	1,000,000 - 2,000,000	0.75
   	2,000,000 - 4,000,000	0.5
   	> 4,000,000	0

3. Perpetual futures
   OKX will delist MATICUSDT perpetual futures and terminate any related orders at 8:00 am UTC on September 9, 2024. Relevant orders in the order book will also be canceled after the delisting. OKX will deliver all the above-mentioned perpetual futures positions at the arithmetic average price of the corresponding OKX index between 7:00 am and 8:00 am UTC.
   If the index price displays abnormalities during the above-stated time preceding the delisting, OKX may adjust the final delivery price to a reasonable level for delivery.

The current funding rate at 8:00 am UTC on the day of delisting will be 0. Thus, funding fees for this period will not be included in the billing record.

Considering that the market may fluctuate sharply before the delisting, please manage your risk level by reducing the actual leverage multiples or closing positions in advance.

3. Token migration

1. On-chain Earn subscriptions and redemptions for MATIC will be suspended starting from September 4, 2024. Staked assets will be automatically converted to POL from September 4. The migration is expected to be completed by September 7. In this period, earnings will continue to accumulate as usual and will be distributed after the migration. On-chain Earn POL staking will reopen once the migration is complete.
2. At 10:00 am UTC on September 9, 2024, an account snapshot on the user’s funding account will be performed, and the user’s MATIC holdings will be converted into POL at a 1:1 ratio. A separate announcement will be made once the migration is complete.
   1. Related assets in the trading account will be transferred to the funding account for the snapshot.
   2. At the time of the snapshot, any MATIC tokens that are being withdrawn or yet to be deposited successfully will not be included in the migration.
   3. MATIC tokens held in sub-accounts will be converted into POL and transferred to the main account once the migration is complete.
   4. Holdings under 1 MATIC will not be included in the migration.

Risk warning:
The foregoing overview and information, some of which may be provided by third parties and not OKX, are for informational and educational purposes only. OKX does not guarantee the accuracy or completeness of any information contained herein and such information does not constitute any representation, warranty or any financial, investment or other form of advice by OKX. Such information may not be suitable for all persons; it should not be relied upon in connection with a particular investor’s trading; and, is not intended to be, nor should be construed as, an offer, recommendation or solicitation. Such information is also not intended for persons who reside in jurisdictions where providing such information would violate the laws or regulations of such jurisdiction. Digital assets are highly speculative and subject to high volatility, may become illiquid at any time, and that investors may lose the entire value of their investment. Before trading any digital asset, you should do your own research and evaluate your risk appetite. OKX is not responsible for any losses which you may incur from trading digital assets. Please refer to Terms of Service and Risk & Compliance Disclosure for more information.For any inquiries, please feel free to contact us via the support center or connect with us on any platform of your choice.

OKX team
August 29, 2024