Gate.io Supports Polygon (MATIC) Migration to Polygon Ecosystem Token (POL)

According to the Polygon (MATIC) project team, Polygon (MATIC) tokens will be migrated to Polygon Ecosystem Token (POL) at a ratio of 1:1. Gate.io will support this migration and will provide seamless token swap services for users. If you currently hold Polygon (MATIC) on Gate.io, no action is required on your part.

Details:

1. Gate.io will disable new margin borrowing and crypto loan services for Polygon (MATIC) before August 29, 2024, 08:00 UTC.
2. Users with ongoing trades in the futures trading market are encouraged to adjust your strategies in advance. From August 30, 2024, 08:00 UTC, the MATIC/USDT futures trading market will switch to a "Reduce-only" mode.
3. On August 31, 2024, 08:00 UTC, Gate.io will automatically settle open positions at the average index price in the half-hour before the futures trading stops. Any outstanding orders will be canceled automatically. Users with open positions in the futures market should adjust your strategies and close positions before August 31, 2024, 08:00 UTC to avoid automatic settlement.
4. Starting from September 10, 2024, 03:00 UTC, Gate.io will suspend the deposit, withdrawal, and trading services for Polygon (MATIC), including MATIC_USDT, MATIC_USDC, MATIC_ETH, and MATIC_TRY spot trading, MATIC3L and MATIC3S leveraged tokens, quant grid trading, Simple Earn, margin trading, and liquidity mining.
5. Users with ongoing Polygon (MATIC) quant grid trading should adjust your trading strategies beforehand. Otherwise, the trades will be terminated automatically before September 10, 2024, 03:00 UTC.
6. Users with assets in Simple Earn may manually redeem them in advance. Otherwise, the assets will be liquidated before September 10, 2024, 03:00 UTC.
7. Users with outstanding Polygon (MATIC) loans in the margin trading market should repay the loans in advance. Otherwise, the loan will be settled automatically before September 10, 2024, 03:00 UTC.
8. Users who have provided liquidity for Polygon (MATIC) in the liquidity mining market should withdraw the liquidity in advance. Otherwise the liquidity will be automatically redeemed before September 10, 2024, 03:00 UTC.
9. Gate.io will redeem MATIC3L and MATIC3S leveraged tokens based on their net value before September 10, 2024, 03:00 UTC. If you hold these leveraged tokens, you will receive the corresponding USDT within 3 days.

Please note that after the migration is completed, the POL market may experience significant volatility. Users are strongly advised to be aware of the associated risks and exercise caution. Gate.io will no longer support the old Polygon (MATIC) token. Users who wish to participate in this migration should deposit MATIC before the service suspends.

Deposit MATIC: https://www.gate.io/myaccount/deposit/MATICOfficial Source: https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know