Overview
As part of an important upgrade on the Polygon network, Bitso will be listing the new POL token, the native gas and staking token on the Polygon PoS network, starting September 4th, 2024. This article provides all the details you need to know to stay informed and prepared.
Context: What’s Happening?
On September 4th, 2024, Bitso will introduce POL as the new native token on the Polygon network, replacing MATIC in its role as the gas and staking token. This upgrade marks a significant step in the transition from MATIC to POL on the Polygon PoS network.
Key Benefits of POL
- Multi-Chain Security & Utility: POL will allow validators to secure multiple chains within the Polygon ecosystem, including the Polygon (PoS) chain, unlike MATIC, which was limited to just one. This makes POL more versatile and useful across various chains.
- Seamless Blockchain Integration with AggLayer: POL will play a crucial role in the AggLayer, which is partially live and allows different blockchains to connect seamlessly, much like navigating between websites. This integration enhances the Polygon network’s cohesion and efficiency, making cross-chain interactions smoother and more intuitive.
- Future-Ready Ecosystem Growth: POL is going to act as a catalyst for Polygon’s scalability and innovation, aligning with the vision of easy cross-chain navigation, positioning it as a crucial driver of the network’s expansion.
Key Date to Remember
- September 4th, 2024: POL will be available for deposits and withdrawals on the Polygon network via Bitso. Users will also have the option to convert their MATIC on the Ethereum network to POL on the Polygon network.
What You Need to Know
- Your MATIC balance will remain unchanged.
No action is required from you. Your MATIC tokens will remain as they are, with the key difference that you will now only be able to deposit or withdraw them on the Ethereum network. - The new POL token will be listed on Polygon.
Starting September 4th, 2024, POL will be available as the native token on the Polygon network. Users will have the option to convert their MATIC to POL directly within Bitso. This conversion will be simple and seamless, enabling you to hold POL on the Polygon network by just converting your MATIC to POL. - MATIC will no longer be supported on Polygon.
After the upgrade on September 4th, 2024, MATIC will only be supported on the Ethereum network. If you prefer to use the Polygon network, you can convert your MATIC to POL. This conversion will allow you to deposit or withdraw POL on the Polygon network seamlessly.
Exciting Promotions for POL Conversion!
As part of our commitment to ensuring a smooth and cost-effective transition from MATIC to POL, Bitso is thrilled to offer exclusive promotions for our users:
- Reduced Conversion Fees for 3 Months: From September 4th, 2024, until November 30th, 2024, we are significantly lowering the fees for converting MATIC to POL. This special rate applies exclusively to conversions from MATIC to POL, making it easier and more affordable for you to make the switch. Starting December 1st, 2024, standard fees will apply.
- September Fee Reimbursement: But that’s not all! Throughout the entire month of September 2024, any fees you incur while converting MATIC to POL will be fully reimbursed at the end of the month. This means you can convert with confidence, knowing that your fees will be returned to you, making the transition to POL even smoother.
These promotions are our way of supporting you during this important upgrade, ensuring that you can take full advantage of the new POL token with minimal costs and maximum convenience.
Next Steps: What to Do?
- Stay Informed:
We are closely coordinating with our partners to ensure a seamless migration process. We will keep you updated with any new developments. - Remain Alert:
Keep an eye on our in-app messages and push notifications for reminders about this transition. This will help ensure that you don’t attempt any MATIC deposits or withdrawals on the Polygon Network until services resume on September 4th, 2024. - Choose your Network:
Once POL is listed, you will have the option to convert your MATIC to POL for use on the Polygon (PoS) network or to keep your MATIC on the Ethereum network.
Web3 Wallet (W3W) Users:
I have MATIC in the Web3 Wallet, what should I do?
- If your MATIC is on the Polygon network:
No action is required. Your MATIC on the Polygon network will be automatically converted to POL, enabling you to continue using your assets on the network without any interruptions. - If your MATIC is on any other network:
If your MATIC is on a different network, you can use a decentralized exchange (DEX) to swap MATIC for POL. Simply connect your Web3 Wallet to a DEX of your choice through the dApps available in your wallet, and proceed with the conversion to POL for use on the Polygon network.
Conclusion
We appreciate your understanding and cooperation as we implement this important upgrade. Our team is committed to ensuring that you have a secure and efficient experience throughout this transition.
Thank you for choosing Bitso.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. The content provided herein should not be interpreted as a recommendation or endorsement of any particular investment strategy or asset. Cryptocurrency investments involve a high level of volatility and risk. We strongly advise that you conduct your own research before making any investment decisions.
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