Bitget Will Support the Polygon (MATIC) Token Swap to Polygon (POL)
Bitget will support the Polygon (MATIC) token swap to Polygon(POL).
Details of the timeline are as follows:
-
Deposit and withdrawal services of MATIC will be suspended on 8 September 2024, 3:30 (UTC).
-
On 8 September 2024, 3:00 (UTC), Bitget will delist the MATIC/USDT, MATIC/USDC and MATIC/EUR spot trading pairs and cancel all pending spot trade orders.
-
MATIC tokens will assume the ticker of POL on Bitget after token swap (i.e., 1 MATIC = 1 POL).
-
Recover all MATIC balances and begin the distribution of POL to all eligible users at a ratio of 1:1.
-
The new POL contract address is as follows:
Please note:
-
Bitget will no longer support deposits of MATIC tokens after the token swap.
-
We will inform users in a separate announcement when the deposit, withdrawal and trading services for POL are available, following the completion of the token swap exercise.
-
Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
For more details, please refer to the following:
Save the Date: MATIC → POL Migration Coming September 4th. Everything You Need to Know
Futures
-
Bitget will suspend the opening of new MATICUSDT futures positions effective from August 29, 2024, 3:00 PM (UTC+8). The order closing feature, closed orders, and TP/SL of MATICUSDT futures will remain unaffected.
-
Users who still hold MATICUSDT futures positions must close them by September 04, 2024, 5:00 PM (UTC+8), at which point Bitget will suspend the futures trading of MATICUSDT and cancel all related open orders. Any remaining positions will be settled and closed.
Margin
Suspension of borrowing and lending services
Bitget has suspended the borrowing and lending services for MATIC/USDT trading pair.
Positions will be closed and liquidated, and the trading service will be unavailable.
On September 05, 2024, 6:00 PM (UTC+8), Bitget will automatically close any remaining MATIC/USDT spot margin positions, cancel all open orders in margin accounts, and liquidate any outstanding liabilities. Margin trading services of MATIC/USDT will be closed. Assets related to MATIC/USDT will be transferred to the spot account automatically.
Users are strongly advised to close positions, cancel orders, repay loans, and transfer funds related to the relevant trading pair beforehand to avoid any potential losses. If the risk ratio is too high, all cross margin positions for the above trading pair may be closed to transfer out the assets, including debts.
Loans
Bitget Crypto Loan will delist MATIC and discontinue lending and collateral services at 3:00 PM on August 30, 2024 (UTC+8). At this time, all ongoing loan orders involving MATIC as debt or collateral will be automatically liquidated. The remaining principal and collateral will be returned to the user's spot account upon liquidation completion. For details, visit Crypto Loans > History > Status > System Liquidation.
To avoid potential losses, users are strongly advised to repay their loans in advance.
Staking
Staking subscriptions and redemptions for MATIC will be suspended starting from September 9, 2024. Staked assets will be automatically converted to POL from September 10. The migration is expected to be completed by September 12. In this period, earnings will continue to accumulate as usual and will be distributed after the migration. Staking POL will reopen once the migration is complete.
Spot trading bots
To improve user experience, the following trading pairs will be removed from Bitget spot trading bots on September 8, 3:00 AM (UTC): MATIC/USDT
Note:
• After removal, the system will automatically cancel any pending orders and return the relevant assets to your account.
• Users will be unable to create any new bots with the delisted trading pairs.
• Users will no longer be able to publish running bots with the delisted trading pairs to the Recommended section of the bot copy trading page.
Bots with the delisted trading pairs that are listed in the Recommended section of the bot copy trading page will be removed.
Users are strongly advised to terminate bots with this active trading pair to avoid any potential losses. Thank you for your support and understanding!
Disclaimer
Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.Thank you for supporting Bitget!
Share
