The Polygon Network is set to undergo a significant upgrade, transitioning its token from MATIC to POL. This change is expected to take place on September 4th, and it's essential for Coinsquare users holding MATIC to understand how this upgrade will impact their balances. While no immediate action is required, there are optional steps you can take if you wish to manage your holdings proactively. Continue reading to learn about these options and the potential implications of each option.
Key Points of the Upgrade
- Upgrade Date: September 4th is the anticipated date for the MATIC to POL upgrade on the Polygon mainnet.
- Transition to POL: In the initial phase post-upgrade, POL will become the gas and staking token for Polygon PoS (Proof of Stake).
- Expansion of POL Utility: Future phases will allow the community to expand POL's utility, potentially integrating it further into the Polygon ecosystem's AggLayer.
Learn more about the MATIC to POL migration on the Polygon blog.
Impact on Coinsquare Users
Following the upgrade on September 4th, POL will be tradeable on platform and will have deposit and withdrawal support over the ERC-20 network. Coinsquare will continue to support ERC-20 MATIC for trading, deposits, and withdrawals.
Continue reading to learn how different types of MATIC balances on Coinsquare will be affected following the upgrade:
(1) Staked MATIC Balances:
- To facilitate this transition, Coinsquare will suspend all staking and unstaking functionality for MATIC at noon Eastern Time on August 31st. You will continue to earn staking rewards, but rewards earned may not be automatically staked and account balances may not be credited during this period for staking rewards earned.
- Full functionality will resume after ensuring network stability and adequate support from our third-party staking partner. Rewards earned after August 31st will continue to accrue and will be credited once the upgrade is complete.
(2) Unstaked MATIC Balances:
- Unstaked MATIC will remain as MATIC on the Coinsquare platform.
- Users who wish to convert their unstaked MATIC to POL will have two options:
- Trade MATIC for POL directly within the Coinsquare app once POL is available for trading.
- Withdraw MATIC from Coinsquare and utilize the Polygon smart contract directly for conversion to POL.
Actions for Coinsquare Users
- For Staked MATIC Holders wishing to retain their MATIC: No action is required, staked MATIC will remain as is and rewards will continue to be earned in MATIC.
- For Staked MATIC Holders wishing to convert to POL: If you wish to have your MATIC converted to POL, you will need to unstake your MATIC before taking one of the following actions.
- For Unstaked MATIC Holders: You have the flexibility to either trade MATIC for POL on the Coinsquare platform once listed in the coming weeks or withdraw your MATIC and manage the conversion externally.
Deposits and withdrawals for MATIC on the ERC-20 network will function normally throughout the upgrade. It should also be noted that Coinsquare does not currently have a timeline for supporting POL staking.
Looking Ahead
Coinsquare is committed to providing a seamless experience throughout this transition. We recommend users stay informed about the latest updates from the Polygon Network. We have also created a helpful FAQ.
