Important Upgrade: MATIC will soon be POL

MATIC is undergoing one of its most awaited upgrades. The MATIC token will soon be renamed POL as a part of this initiative. More details about this upgrade are mentioned below. Please go through the entire blog thoroughly for complete details.

The POL upgrade is a community-driven initiative proposed last year as a part of PIP-17. This proposal and Polygon’s shift to an aggregated blockchain network called for an upgraded token with enhanced utility, hence the decision to change MATIC to POL.

ZebPay will fully support this transition of MATIC to POL. The MATIC token will be delisted to support this upgrade, and the POL token will be listed back on the platform as per the dates below.

Platform	Delisting date (MATIC)	Relisting date (POL)
QuickTrade	9th September 2024, 8 PM, IST	13th September 2024, 5 PM, IST
Exchange	9th September 2024, 8 PM, IST	13th September 2024, 5 PM, IST
Futures	3rd September 2024, 2:30 pm IST	14th September 2024

Details regarding CryptoPacks and Lending

Trading of CryptoPacks which have the MATIC token will not be available between 9th September, 8 PM and 13th September, 5 PM. After 13th September 2024, 5 PM, the MATIC token in CryptoPacks will be renamed as POL and trading will resume.

Lending contracts of MATIC will be closed on 9th September 2024, 8 PM, IST. Users who have active lending contracts of the MATIC token will receive interest up to this date which will be credited to their wallet. Lending services of the POL token will be available again from September 13th, 5 PM IST.

Important Points to Note

If you have any MATIC holdings on QuickTrade, Exchange, or CryptoPacks, your MATIC holdings will automatically be swapped to the POL token in a 1:1 ratio by 13th September 2024, 5 PM, IST.

If you have any open positions of the MATIC-INR pair on ZebPay Futures, you are required to close your positions on or before 3rd September 2024, by 2:30 pm IST.

In case your MATIC-INR Futures positions are not closed before 3rd September 2024, by 2:30 pm IST, your positions will be auto-closed at the prevailing market price.

Rest assured, your funds and crypto assets are completely secure with us. If you have any questions regarding this change, you can contact us at help.zebpay.com by raising a ticket. Our customer support team will be happy to assist you and address your concerns.

Best regards,

Team ZebPay

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.