Crypto.com has completed the migration of Polygon (MATIC) tokens to Polygon Ecosystem Tokens (POL) on its platform. This transition reflects Polygon's ecosystem upgrade, with POL replacing MATIC as the native token. Here’s what users need to know:
Key Details of the Migration
- 1:1 Token Conversion: Existing MATIC tokens were automatically converted to POL tokens based on users’ balances at the time of delisting (September 10, 2024).
- Trading Suspension: MATIC trading, deposits, and withdrawals were permanently suspended on the Crypto.com App (01:00 UTC) and Exchange (02:00 UTC).
- POL Availability: POL is now tradable on both platforms.
Impact on Crypto.com Services
Crypto.com App
- Terminated Features: Target Price orders, TWAP orders, and Recurring Buys for MATIC were automatically canceled.
- Card Top-Ups: MATIC was removed as a payment method after September 10, 2024.
- Crypto.com Pay: POL now serves as the payment currency for merchants.
Crypto.com Exchange
- Perpetual Contracts: The MATICUSD-PERP contract was delisted on September 4, 2024. Open positions were settled against the TWAP.
- Margin Trading: MATIC short positions were automatically closed, and the token is no longer eligible as collateral.
FAQs
1. How does the MATIC-to-POL conversion work?
POL tokens replaced MATIC at a 1:1 ratio. Balances were updated automatically for eligible users.
2. Can I still trade MATIC on Crypto.com?
No. MATIC trading was permanently suspended after September 10, 2024.
3. What happens to my MATIC staking or Earn products?
👉 Check POL staking options here for updated details.
4. Will POL deposits/withdrawals be enabled?
A future announcement will confirm when POL transfers via the Polygon network are available.
5. Why is POL replacing MATIC?
POL aligns with Polygon’s upgraded ecosystem, offering enhanced utility.
Next Steps for Users
- Trade POL on the Crypto.com App or Exchange.
- Review margin positions to avoid liquidation risks.
- 👉 Explore POL’s use cases for deeper insights.
For assistance, contact Crypto.com support via chat.crypto.com.
Note: Deposits/withdrawals of POL will temporarily retain the MATIC ticker until further notice.
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