Finst will support the Polygon (MATIC) Migration to Polygon (POL)
As you may have heard, Polygon (MATIC) is migrating to Polygon (POL) on the 4th of September.
What do you have to do?
We will automatically swap your Polygon (MATIC) for Polygon (POL) at a conversion rate of 1 MATIC = 1 POL. No action is required from your side. After the migration, the old Polygon (MATIC) will be delisted indefinitely.
To ensure a smooth migration process, the following timelines will apply for the Polygon migration:
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On the 28th of August at 10:00 CEST, Polygon (MATIC) will be removed from the Top 25 and Green Bundles. We expect to be able to include the new Polygon (POL) token in these Bundles at the beginning of October.
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On the 28th of August at 10:00 CEST, deposits, withdrawals, and trading will be halted on Polygon (MATIC).
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At the latest, on the 10th of September, Polygon (MATIC) will be converted to Polygon (POL) at a conversion ratio of 1 MATIC = 1 POL. This will be reflected automatically in your Finst account.
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Finst plans to resume trading, deposits, and withdrawals on Polygon (POL) on or around the 10th of September.
About the Polygon Migration from MATIC to POL
In the initial stage, POL will take over from MATIC as the native gas and staking token for the Polygon PoS network. In later stages, POL will play a vital role in the AggLayer.
The AggLayer, short for Aggregated Layer, is a key advancement in Polygon's ecosystem aimed at addressing the challenges in the expanding blockchain industry. With the rise of separate Layer 1 and Layer 2 solutions, inefficiencies, fragmented liquidity, and subpar user experiences have become prevalent. The AggLayer addresses these issues by offering a unified framework that promotes seamless interoperability and improved performance across various networks.
What is Polygon?
Polygon is a "layer two" or "sidechain" scaling solution that operates alongside the Ethereum blockchain, enabling fast transactions with low fees. MATIC (soon to be POL), the native cryptocurrency of the network, is used for fees, staking, and other purposes. You can buy or sell MATIC (soon to be POL) on crypto exchanges like Finst.
