On September 4th, 2024, the Polygon Network is scheduled to undergo a significant upgrade, transitioning its token from MATIC to POL. While there will be no impact on your MATIC holdings, you should be aware that starting at noon Eastern time on August 31st, staking, unstaking, and reward payouts for MATIC will be temporarily suspended until the upgrade is completed.
Click the links below to navigate to the following sections:
For users holding staked MATIC:
How will this upgrade impact me if I have staked my MATIC?
Starting at noon Eastern time on August 31st, staking functions for MATIC will be temporarily suspended in order to facilitate the upgrade. During the suspension period, you will not be able to stake or unstake MATIC.
What happens to my rewards during the suspension period?
You will continue to receive MATIC staking rewards, but any rewards earned will not be credited to your account during the suspension period. Rewards earned during the suspension period will be credited after the upgrade is complete.
When will staking functions resume?
Staking functions with MATIC will resume once network stability is confirmed and support from our third-party staking partner is ensured. The earliest possible resumption date is September 4th.
Do I need to take any action if I hold staked MATIC?
No action is required; just keep in mind that staking-related functions will be temporarily suspended starting August 31st. If you wish to unstake your MATIC before the upgrade takes place, please do so by August 31st at noon Eastern.
Can I convert my staked MATIC to POL after the upgrade?
Yes, but you will need to unstake your MATIC first. You can then trade your MATIC for POL directly within the platform or withdraw your MATIC and use the Polygon smart contract for conversion.
What if I want to unstake my MATIC and I miss the August 31st deadline?
If you miss the deadline, you won't be able to unstake your MATIC until staking resumes post-upgrade.
Will there be any changes to rewards after the upgrade?
No, the reward rate and payout frequency for MATIC will remain the same post-upgrade.
Is there a risk of losing my staked assets during this upgrade?
There is no risk of losing your staked assets. Your staked MATIC will remain as staked MATIC after the upgrade.
For users holding unstaked MATIC:
How will this upgrade impact my unstaked MATIC?
There will be no impact on your MATIC holdings. Unstaked MATIC will remain as MATIC after the upgrade.
Can I convert my MATIC to POL after the upgrade?
Yes, you can either trade your MATIC for POL directly within the platform after the upgrade or withdraw your MATIC and use the Polygon smart contract for conversion.
Will there be any fees associated with trading my MATIC to POL after the upgrade?
The quote you’ll receive when trading your MATIC to POL includes a spread, which is an industry-standard practice that allows us to eliminate commissions and fees from trading. Click here to learn more.
What network do you support MATIC withdrawals on?
MATIC withdrawals (and deposits) are ONLY supported using the ERC-20 network. Please do not use any other network, including the Polygon network, as this may result in an irreversible loss of funds.
Support for POL post-upgrade
Can I trade POL following the upgrade?
Yes, POL will be available for trading using fiat currency or other digital currencies after the upgrade.
Will I be able to deposit and withdraw POL post-upgrade?
Yes, POL deposits and withdrawals will be supported, but ONLY using the ERC-20 network. Do not attempt to use any other network, including the Polygon network, as this may result in an irreversible loss of funds.
Will you be supporting staking for POL?
We do not plan to support staking for POL. If you're subscribed to our emails, we'll keep you updated on any future staking availability.
Can I hold both MATIC and POL in my account post-upgrade?
Yes, you can hold a mix of both MATIC and POL in your account once the upgrade is complete.
Where can I find more information about this upgrade itself?
For more details, please refer to the official Polygon blog regarding the MATIC to POL upgrade.
What should I do if I encounter issues after the upgrade?
If you need any help or experience any issues, don't hesitate to get in touch with our customer support team. You can reach us here.