Bitcoin Store to Support Migration of MATIC Cryptocurrency to POL
On September 4th, Polygon (MATIC) will begin migrating MATIC tokens to the new POL token.
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Details on the Token Merge and Conversion
Polygon Labs, the developer behind the layer-2 Polygon network and its native cryptocurrency MATIC, has announced a technical upgrade starting on September 4th.
This upgrade will replace the MATIC token with a new POL token.
This migration is part of the broader "Polygon 2.0" upgrade plan, which was introduced last year.
The proposal for this change was shared with the community in July 2023.
Going forward, POL will serve as the main token across all Polygon networks.
The upgrade involves a technical process that will make POL the native token for paying network fees and staking on Polygon’s main proof-of-stake chain (Polygon PoS).
Important Information for Bitcoin Store Users
Do you hold MATIC tokens in your Bitcoin Store Wallet?
If you have MATIC tokens in your Bitcoin Store Wallet, you don’t need to take any action.
Bitcoin Store will handle all the technical aspects of the conversion for you.
The conversion from MATIC to the new POL token will happen at a 1:1 ratio:
1 MATIC = 1 POL
On September 10, 2024, at 03:30 (UTC), deposits and withdrawals of MATIC tokens will be suspended.
Make sure you complete any MATIC deposits before this time to ensure they are fully processed.
To learn more about the migration process, you can read the official announcement from Polygon Labs: Official Polygon Labs Announcement
After the migration is completed on September 4th, MATIC will no longer be supported.