In my previous articles, I have explored in depth the different facets of MATIC migration. You can check them out here:Summary of migration from MATIC to POL And FAQ. Today, I present to you the second part of our FAQ dedicated to this crucial topic. This section will answer the most frequently asked questions by our community, in order to clarify the technical and practical aspects of this migration.
1. When will the MATIC to POL migration be completed on Binance?
According to the official announcement from Binance, the migration from MATIC to POL will be completed on September 13, 2024 at 10:00 (UTC). From this date, users will be able to see their POL tokens in their account and the new POL trading pairs will be available. If you hold MATIC on Binance, the migration will be done automatically.
2. What Happens If I Haven't Manually Migrated My Tokens to Binance Before September 13th?
No worries. Binance supports the migration automatically for all users who hold MATIC on the platform before the deadline. The deadline to deposit your MATIC on Binance is September 11, 2024 at 04:00 (UTC). If you have MATIC on Binance before this date, the migration will be done automatically.
Once the migration is complete on September 13, 2024 at 10:00 (UTC), your MATIC tokens will be converted to POL, and you can start using them without needing to perform any additional actions.
3. How do I migrate my MATIC to POL if I use a wallet like MetaMask or TrustWallet?
If you hold MATIC in an external wallet like MetaMask or TrustWallet, Polygon has planned to provide a platform to manage this migration manually. Here are the steps to follow:
Connect to your wallet: Make sure you are on the Polygon network (PoS) via MetaMask or TrustWallet.
Access the migration platform: Go to the official Polygon website or a dedicated migration platform, which will be announced soon by Polygon.
Complete the migration: Follow the instructions to exchange your MATIC for POL. There will be gas fees, so make sure you have some MATIC to cover these fees.
Verify your POL tokens: After the transaction, your POL tokens will appear in your wallet. If necessary, manually add the POL token contract so that it appears correctly.
Note: Polygon has not yet shared full details on the exact procedure for external wallets like MetaMask and TrustWallet. Keep an eye on official announcements for more information on this.
4. What are the security measures to follow while migrating with wallets?
Check the Official Addresses:
Only use contract addresses and links provided by Polygon or trusted official sources to avoid scams.
Do Not Share Your Private Keys:
Never share your private keys or recovery phrase. No official support will ask you for this information.
Double Check the POL Contract:
When manually adding the POL contract in MetaMask or TrustWallet, make sure to enter the correct information. You can find the official contract on the Polygon website.
5. Do MetaMask/TrustWallet Users Have A Deadline To Migrate Their Tokens?
Unlike centralized exchanges like Binance, users of self-portfolio wallets like MetaMask and TrustWallet do not have a strict deadline. However, it is advisable to follow Polygonâs official announcements to ensure that the migration is done within a reasonable time frame to avoid any delays in using their POL tokens.
6. Will MATIC Trading Pairs Be Replaced by POL on Other Exchanges?
Yes, many centralized exchanges (CEXs) will follow a similar procedure to Binance. MATIC trading pairs will gradually be replaced by POL/USDT, POL/BTC, etc. Make sure to follow the official announcements of your preferred exchange for details specific to their platform.
7. How to Participate in Governance and Staking with POL?
With POL, you will have the opportunity to participate more actively in Polygon 2.0 governance and staking. This includes:
Participation in Data Availability Committees (DACs).
Staking to generate blocks and secure the network.
Details on these opportunities will be provided by Polygon as POL gains prominence in the ecosystem.
8. What are the risks associated with migration?
As with any blockchain-related operation, there are risks:
Scams: Make sure you don't fall for scams offering fake contracts or migration services.
Error during migration: If you do not follow the instructions correctly, you may lose your MATIC tokens. Make sure to double-check the addresses and instructions.
9. Where to Find More Information?
You can find additional information about the MATIC to POL migration on Polygon's official channels and announcements from exchanges like Binance, Coinbase, etc.
Thank you for taking the time to read this article. If you found it useful or interesting, please consider sharing it, leaving a comment, and subscribing for more content on crucial updates in the blockchain world.
Disclaimer: This article does not constitute investment advice. Cryptocurrency markets are volatile and involve risks. Always do your own research before making any financial decisions.
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