KuCoin has officially announced its support for the upcoming migration of the POL (Proof of Liquidity) token to the new KPOL token. The exchange will handle the entire migration process automatically for all users holding POL tokens on the platform, ensuring a seamless transition with minimal required action from investors.
This guide provides a detailed overview of the migration schedule, important actions users need to take, and what to expect after the process is complete.
Key Dates and Migration Schedule
To ensure a smooth token migration, KuCoin has outlined a precise timeline for the various service adjustments. All times are coordinated in Universal Time (UTC).
- Trading Bot Services Halt: All automated trading bots for the POL/USDT pair, including Spot Grid, Infinity Grid, Martingale, DCA, and Smart Rebalance, will be automatically stopped at 06:45 on October 25, 2023.
- Trading Pair Closure: The POL/USDT trading pair will be officially closed at 07:00 on October 25, 2023. Users are strongly advised to cancel any open orders for POL before this time to avoid complications.
- Withdrawals and Deposits: Deposit and withdrawal services for the POL token will remain suspended throughout the migration period.
Following the closure of trading, KuCoin will execute the token swap. The migration will be conducted at a 1:1 ratio, meaning each POL token will be converted into one KPOL token.
Post-Migration Guidelines for Users
Once the migration is complete, users should be aware of a few important operational changes on the KuCoin platform.
- On-Chain Deposits: After the migration, users must select KPOL as the token for any on-chain deposits to KuCoin. The platform will no longer accept or support deposits of the original POL (Proof of Liquidity) token.
- Earn Product Rewards: Any unlocked POL rewards generated through KuCoin's Earn products will be replaced with KPOL. These new KPOL rewards will be distributed to users according to the existing vesting rules and schedules.
All users are encouraged to stay informed for any further announcements regarding additional follow-up procedures or information.
Frequently Asked Questions
What is the POL to KPOL migration?
The POL to KPOL migration is a process where the existing POL (Proof of Liquidity) token is being swapped for a new token called KPOL. Exchanges like KuCoin are supporting this transition by automatically converting users' holdings.
Do I need to do anything to receive my KPOL tokens on KuCoin?
For most users, no action is required. KuCoin will handle the conversion automatically for all POL tokens held on the exchange. The most important step is to cancel any open orders for POL before trading closes.
What is the conversion ratio from POL to KPOL?
The conversion is happening at a 1:1 ratio. This means that for every 1 POL token you hold in your KuCoin account, you will receive 1 KPOL token after the migration.
Can I still deposit POL to KuCoin after the migration?
No, after the migration is complete, KuCoin will only support deposits of the new KPOL token. You must ensure you select KPOL for any future on-chain deposits, as POL deposits will not be credited.
What happens to my POL tokens in KuCoin Earn?
Any unlocked POL rewards you have earned through KuCoin's Earn products will be automatically converted to KPOL. These KPOL tokens will then be distributed to you based on the original vesting rules of the product.
Where can I learn more about managing such token migrations?
Staying updated on official exchange announcements is crucial. For a broader understanding of blockchain upgrades and how to navigate them, you can explore more strategic guides on digital asset management.