Binance.US has announced its support for the upcoming Polygon (MATIC) token migration to Polygon Ecosystem Token (POL). The migration, scheduled for September 4, 2024, aligns with the Polygon team's official update. This guide covers key details for users regarding network updates, token handling, and FAQs.
Key Updates for Polygon Network
Pre-Migration Timeline
September 3, 2024 (3 p.m. PDT / 6 p.m. EDT):
- Final snapshot of MATIC holdings before migration.
Post-Migration Changes
- POL tokens will replace MATIC at a 1:1 ratio.
- Existing MATIC transactions will be automatically converted to POL.
Ethereum Network Adjustments
Migration Period Notes
- MATIC deposits/withdrawals on Ethereum will be paused temporarily.
- POL will inherit MATIC’s contract address post-migration.
Post-Migration Support
- POL becomes the default token for Polygon-based DeFi protocols.
Action Steps for MATIC Holders
- No manual action required: Binance.US will handle the conversion.
- Monitor the Polygon team’s portal for real-time updates.
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FAQs
Q1: Will my MATIC tokens lose value after migration?
A: No, POL retains MATIC’s market value and utility.
Q2: How long will withdrawals be paused?
A: Typically 2–4 hours; follow Binance.US status page for updates.
Q3: Can I trade POL immediately after migration?
A: Yes, once Binance.US confirms support.
Final Notes
- Trading POL will be enabled upon official integration.
- For compliance details, review Binance.US’s Terms of Use.
Disclaimer: Cryptocurrency investments carry risks. Binance.US isn’t liable for market fluctuations.
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