If you keep up with Polygon, you’ve likely heard that the network’s native token, MATIC, has been migrated to POL. We at Bitbuy are preparing to replace MATIC with POL on our platform. We’ve put together an FAQ to help you understand how this change will affect your MATIC holdings, what actions (if any) you need to take, and where to seek assistance if you encounter any issues.
Introduction
What can I expect and when?
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August 1st, 2025: We will halt all MATIC operations, including deposits, withdrawals, trading, and staking. All MATIC still held in your account will be locked in place until the conversion date of August 7th.
- Staked MATIC will begin the unstaking process at this time to prepare for the conversion.
- All open MATIC-CAD Pro trade orders and pending MATIC withdrawals will be cancelled.
- August 7th, 2025: Within 24 hours, all MATIC in your Bitbuy account will automatically be converted to POL at a 1:1 ratio. For example, if you hold 50 MATIC on August 1st, you will receive 50 POL after the conversion is complete.
Why did Polygon migrate from MATIC to POL?
This change is a part of Polygon’s network upgrades. For more details, please refer to Polygon’s official announcement outlining the features, mechanisms, and improvements of this upgrade: MATIC to POL Migration Is Now Live – Everything You Need to Know.
Note that Bitbuy does not support MATIC or POL deposits and withdrawals on the Polygon network. Please only deposit or withdraw MATIC and POL on the ERC-20 network.
Automatic Conversion
Is there any action required of me?
Nope! We will handle everything for you. If you don’t withdraw your MATIC (supported on the ERC-20 network) before the cut-off date (August 1st), we will automatically convert all MATIC to POL at a 1:1 rate on August 7th. You don’t need to log in, click any buttons, or fill out any forms.
When will I see POL in my account?
Your POL balance will be displayed in your account within 24 hours of the conversation date. You can check your portfolio balances to confirm that the swap has occurred. If you don’t see POL after 24 hours, please reach out to our support team here.
What about my staked MATIC?
Any MATIC you have staked as of August 1st will be locked in and begin unstaking to allow for the unbonding period (approximately 4 days). By August 7th, your MATIC will be unstaked and ready to be converted to POL. It will then be automatically re-staked as POL.
Do I have to take any action if my MATIC is staked?
You do not need to manually unstake and restake; we will take care of that for you.
Can I keep my MATIC instead of converting it to POL?
If you prefer not to have your MATIC automatically converted (and if applicable, re-staked), you must initiate an unstaking request no later than July 27, 2025, so that the unbonding window completes before the cut-off date on August 1, 2025. If you wish to retain your MATIC, ensure you withdraw all of it (via the ERC-20 network) before the cut-off date. After August 1st, all MATIC on the platform will be locked – no depositing, withdrawing, trading, or staking.
Manual Conversion Process
How can I convert MATIC to POL on my own?
Simply visit our Trade page on the website or mobile app and select MATIC in the "From" dropdown and POL in the "To" dropdown. MATIC to POL trades will be available until August 1, 2025.
Are there any downsides to manual conversion?
Yes – manual conversions are subject to market spreads. The automatic conversion on August 7th is guaranteed at a 1:1 rate with zero spread.
Depositing MATIC after August 1st
What happens if I deposit MATIC using my old deposit address on or after August 1st?
MATIC deposits will be disabled. Sending any MATIC to your old deposit address after August 1st may result in delays or loss of funds. Please DO NOT deposit MATIC using old wallet addresses after the cut-off date.
Will my POL deposits still work?
Yes! POL is already available for deposits, withdrawals, trading, and staking and will continue to function normally. Just remember to double-check that you’re sending to the correct POL address.
Please only deposit or withdraw POL on the ERC-20 network. Bitbuy does not support POL on the Polygon network.
Additional Questions You Might Have
How does this affect my transaction history?
Your history remains unchanged. All MATIC transactions will remain visible in your activity log, including the conversion from MATIC to POL and, if applicable, the restaking of MATIC as POL. The conversion will appear as a withdrawal of your MATIC and a deposit of POL.
How does this affect my total lifetime rewards for staked MATIC?
Your total lifetime staking rewards for MATIC will not carry over; POL reward totals will begin accumulating from zero.
How does this affect my taxes?
We strongly recommend consulting with a qualified tax professional to understand any impact this conversion event may have in your jurisdiction.
When can I start trading POL?
Trading for POL is available right now. In addition, POL has full support for deposits, withdrawals, and staking.
Please only deposit or withdraw POL on the ERC-20 network. Bitbuy does not support POL on the Polygon network.
What if I experience a problem during the conversion process?
If you notice missing balances, conversion delays, or any unexpected issue, contact our support team here. We’re here to help!