After more than two years of active functioning and marking the sixth anniversary since POLY's initial launch, Coinbase announced on the X platform that trading for Polymath (POLY) has been disabled. Users can still use funds and will continue to be able to withdraw funds at any time.They suspended trading for Polymath (POLY) on December 5, 2023, at or around 2 p.m. ET.
The Reason
So far, more than 721 million POLY tokens, which account for nearly 75% of the initial supply, have successfully transitioned to POLYX in support of Polymesh. With the majority of POLY now moved to POLYX and the ongoing maintenance of the Upgrade Bridge demanding resources, the choice has been made to shut down the Upgrade Bridge.
This decision represents a significant milestone in the evolution of Polymesh, showcasing trust in the distinct functionality of POLYX to power the Polymesh ecosystem.
Do Upgrade It!
If you continue to possess POLY after trading suspension, you'll need to convert it to POLYX using the upgrade bridge and a self-custodial wallet before the bridge closes on January 31, 2024.
Failure to convert to POLYX might result in a substantial or total loss of value for POLY holders. Trading will be suspended on the Simple and Advanced Trade of Coinbase website, Coinbase Exchange, and Coinbase Prime.