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MATIC_ETH to POL_ETH Migration

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If you have Virtual Accounts (VA) using the token currencyMATIC_ETH under the Ethereum chain, and you intend to migrate to the new POL_ETH currency following the transition from MATIC to POL (as part of Polygon's upgrade), follow the steps described in this article to ensure a smooth migration.

Steps

Step_1: Withdraw the Full Balance from the VA based on currency MATIC_ETH

  1. Check the VA details and the MATIC_ETH balance:v3 REST API endpoint
  2. Check the deposit addresses of the VA: v3 REST API endpoint
  3. Make sure that you have the full balance available for a withdrawal.
  4. Initiate a Withdrawal of the FULL AMOUNT of MATIC_ETH tokens from each deposit address on the VA to another external Ethereum address: v3 REST API endpoint
  5. Verify the Withdrawal - Double-check that the full balance has been successfully transferred to the external wallet.
  6. Confirm the transaction on the Polygon blockchain explorer.

Step_2: Migrate the Tokens to POL

  1. Follow Polygon's Migration Guide - to convert all the MATIC tokens to the new POL tokens.
  2. Ensure the correct conversion from MATIC to POL is completed.
  3. After migrating, verify the presence of POL tokens in your external wallet using a blockchain explorer.

❗️

Before migrating the tokens, make sure the VA deposit addresses are emptied and the balance of the VA based on MATIC_ETH is zero (0)

Step_3: Create a New POL_ETH VA with a deposit address

  1. Create a New Virtual Account based on currency POL_ETH: v3 REST API endpoint
  2. This will set up your virtual account to accept the new POL token following the migration.
  3. Create a deposit address on this new VA: v3 REST API endpoint
  4. Once the POL_ETH VA is created, you can transfer your POL tokens to this new VA as needed.

Step_4: Disable the VA with currency MATIC_ETH and Future Operations with POL_ETH

  1. Disable the old VA based on currency MATIC_ETH: v3 REST API endpoint
    1. Find additional details to "delete" Virtual Accounts in this article.
  2. With your new VA based on currency POL_ETH, you can now perform the same operations (deposits, withdrawals, etc.) using the POL token.

Good to Know

  • Migration Deadline: Ensure that you complete the migration process before the deadline provided by Polygon to avoid issues with token support.
  • Transaction Fees: Be mindful of network fees both for withdrawing from MATIC_ETH and swapping MATIC to POL.
  • You may want to generate a new Mnemonic and XPUB to handle the POL_ETH Virtual Accounts

Updated 4 months ago