Nexo Supports the MATIC Migration to POL This September
On September 4, the long-awaited upgrade from MATIC to POL continues. MATIC held on Nexo will be converted to POL on the Polygon PoS network automatically.
As a leading Ethereum scaling solution, Polygon is driving innovation and evolution, with a major overhaul of its ecosystem now on the horizon.
Enter Polygon 2.0.
Polygon 2.0 is designed with advanced enhancements to boost scalability and liquidity, solidifying Polygon’s status as an aggregated network of blockchains. As part of this upgrade, the Polygon PoS network is set to transition from MATIC to the Polygon Ecosystem Token (POL) on September 4, 2024.
Nexo will support this eagerly anticipated move which promises enhanced utility, scalability, and interoperability. After the successful migration, Polygon's new native token, POL, will be live on Nexo, available through our full suite of products, including:
- Top-ups
- Exchange pairs
- Earn rates of up to 7%
- Credit lines
- The Nexo Card
- Futures
- Target Price Swap orders
- Up to 3x leveraging using POL
Let's explore what this transition entails and its significance for the Polygon community and the broader blockchain landscape.
Key Dates and Migration Details
Nexo will facilitate the migration as POL replaces MATIC as the native gas and staking token for the Polygon network on September 4, 2024.
Effectively, MATIC holders on Nexo need not take any action. On the migration date, all MATIC tokens will automatically convert to POL seamlessly.
Below is a breakdown of what will happen to Nexo's MATIC services:
No action required: The phase-out of MATIC (ERC-20) will occur between now and September 4, 2024. MATIC holders will automatically receive an equivalent amount of POL at a 1:1 rate, with no fees involved. This conversion will apply to assets in both Savings and Credit wallets.
As of September 4, 2024, 13:00 UTC, MATIC top-ups, exchange pairs, and Target Price Swap orders will no longer be available. Active MATIC Target Price Swap orders MATIC will be canceled. Following the migration, users will be able to initiate new POL Target Price Swaps.
- POL transfers will become available exclusively on the Polygon network and will not be supported on the Ethereum network.
The POL Upgrade: A Community-Driven Transformation
The shift from MATIC to POL is more than a token rebranding; it’s a comprehensive upgrade underscoring Polygon's commitment to innovation and community governance. Initiated through robust community feedback, the proposal for POL (PIP-17) received overwhelming support, highlighting the need for an advanced token that aligns with Polygon's evolving ecosystem.
POL is designed to be hyperproductive, capable of providing valuable services across the entire Polygon network, including the AggLayer. This layer aims to unify liquidity and enhance interoperability among various ZK-Rollup chains, securing them via Ethereum. The introduction of POL not only signifies a technical upgrade but also represents the community's collective vision for a more connected and efficient blockchain ecosystem.
Benefits of the POL Upgrade
The transition to POL brings several benefits to the Polygon ecosystem:
Expanded Utility: POL enables the development of more advanced decentralized applications (DApps) and services. This broader utility aligns with Polygon's long-term vision of being an aggregated network of blockchains.
Improved Scalability: The POL upgrade is expected to boost transaction speeds and reduce costs on the Polygon PoS network. This enhancement will provide a smoother and more efficient user experience, making Polygon an even more attractive platform for developers and users alike.
Increased Interoperability: POL's integration with the AggLayer and its ability to interact with other chains will foster greater interoperability within the Polygon ecosystem and beyond.
Community Empowerment: The POL migration exemplifies Polygon's dedication to community governance, showcasing the power of collective decision-making in shaping the future of the network.
Since we began supporting Polygon in 2021, we’ve steadily expanded our services for the ecosystem. These now include:
- Buying Polygon’s native asset directly with a card
- An array of market pairs and exchange tools
- The opportunity to earn interest
- Access to the Nexo Card
All these features, previously available for MATIC, are prepped and ready for Nexo clients to use with POL. We are proud to continue our support for one of the most prominent Layer 2s in the space and look forward to the prosperity it will bring.
As we approach the mainnet launch, it's crucial for all MATIC holders and ecosystem participants to stay informed and prepared for the migration. The transition to POL marks a new chapter in Polygon's journey, promising exciting opportunities and advancements in the blockchain world. Let's embrace this change and anticipate the new possibilities that POL will unlock. Follow Nexo on social media to stay up to date.
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