FW: Important Update: MATIC Transitioning to POL

 

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From: Nexo Community <community@nexo.com>
Sent: Friday, August 9, 2024 8:00:46 AM (UTC-08:00) Pacific Time (US & Canada)
To: cvdeast@outlook.com <cvdeast@outlook.com>
Subject: Important Update: MATIC Transitioning to POL

Learn about Polygon's evolution and how Nexo supports it.

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Polygon 2.0: MATIC Evolves to POL

Dear Prentiss,

We are excited to share that Polygon, the layer-2 network, is evolving its "Polygon 2.0" roadmap, including rebranding its native MATIC to the Polygon Ecosystem Token (POL). As a key blockchain participant, Nexo will fully support this transition, automatically converting your MATIC tokens to POL at no cost. Read our detailed blog post for a comprehensive overview or check out this Polygon Labs publication for additional context.

On September 4, 2024, MATIC will be replaced by the POL token.

Key Dates for the MATIC-POL Transition on Nexo

August 27, 2024:

MATIC top-ups and withdrawals on the Ethereum (ERC-20) network will be available on Nexo until this date. After this, MATIC transactions will be supported exclusively on the Polygon network.

September 3, 2024:

MATIC top-ups, exchange pairs, and Target Price Swap orders will be available until this date. MATIC top-ups and withdrawals on the Polygon network will be temporarily paused for upgrade completion.

September 4, 2024:

All your MATIC will automatically convert to POL at a 1:1 rate, at no cost. Conversion will apply to both Savings and Credit wallets and no action is required from you. Active MATIC Target Price Swap orders will be canceled. New POL Target Price Swaps can be initiated after the migration. POL transfers will become available exclusively on the Polygon network and will not be supported on the Ethereum network.

This transition affects all MATIC functionalities on Nexo, including but not limited to top-ups, withdrawals, earning, borrowing, exchanging, collateral use, and repayments. We'll gradually phase out MATIC-related services leading up to September 3, 2024.

Important Notes: After the transition, you will be able to use POL for all the same functions as MATIC, but only on the Polygon network. Please refrain from sending MATIC to your Nexo account over the Ethereum network as these transactions may be unrecoverable.

You can rely on Nexo to ensure a seamless experience throughout this transition. We are excited to embark on this new chapter with Polygon and appreciate your cooperation. If you have any questions, our Support Team is here to assist you.

Stay ahead, The Nexo Team

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