Important Update: MATIC to POL Migration

September 3, 2024

Important Update: MATIC to POL Migration

On September 4, 2024, Polygon will launch its new native token, Polygon Ecosystem Token (POL), replacing the existing MATIC token. The POL token will replace MATIC on a 1:1 basis starting September 4.

The following actions are needed to respond to the MATIC to POL migration.

zMATIC and zPOL on Horizon Protocol’s spot exchange

On September 4th, the zPOL market will be launched on Horizon Spot Exchange, It is recommended for any zMATIC holder to convert zMATIC to zPOL on the Horizon Spot Exchange within 7 days.
On September 11th the zMATIC market will be closed on Horizon Spot Exchange via the suspendSynth function in the SystemStatus contract.
Horizon Protocol DAO multisig will automatically convert the remaining zMATIC tokens to zUSD at the market closing price prior to the zMATIC market close.

The conversion of remaining zMATIC tokens to zPOL right before the zMATIC market closes will protect the zAsset portfolio value of any user who is unable to sell beforehand.

MATIC on Horizon Protocol’s Futures Market

MATIC market trading is now disabled from Horizon Future Exchanges, and we will list the trading of POL on Sep 4th in the futures market.

We welcome community feedback to determine if this is the best course of action that should be taken in such an event. This is an open discussion. More details can be found in HIP 20.

If you have any questions or concerns, please do not hesitate to reach out.

Horizon Protocol is a decentralized derivatives trading and liquidity protocol that provides decentralized access to the real-world economy through synthetic assets. Through Horizon Protocol, users can access swaps and perpetual futures of RWA (real-world assets), including, fiat (i.e. USD, EUR, JPY, etc.), and commodities (i.e. gold, silver, etc.).

With a peer-to-pool model where a counter-party is not required for trading, Horizon Protocol can offer DeFi traders low fees, deep liquidity, and zero slippage when trading borderless synthetic assets. Horizon Protocol sets itself apart with a strong focus on seamless UI/UX and educational content to help the community understand the power of DeFi derivatives.

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