Binance Completes Polygon Token Upgrade, POL Price Jumps 15%
Polygon’s native token, POL, formerly MATIC, saw an increase of 15% on Friday after the token was listed on Binance. The exchange shared that it has expanded its services and integrated the token into various products such as Earn, Buy Crypto, Convert, Margin, and Futures. This announcement reassured investors and saw an upward trend in the trading of POL shares and its price. Polygon (POL) Price (Source: CoinMarketCap) Binance Expands Support for Polygon (POL) On September 13, Binance announced that it would be adding support for several Polygon (POL) offerings across various products. From 10:00 UTC on the same day, POL became available for simple earn flexible and locked products. The exchange also noted that the token could be bought with a number of payment methods including VISA, MasterCard, Google Pay, and Apple Pay from Sep 16. Furthermore, POL was also added to the list of borrowable assets on Cross and Isolated Margin with pairs such as POL/USDT, POL/USDC, and POL/FDUSD. At 12:15 UTC, Binance opened a USD-Margined perpetual contract for POL, where users can trade with up to 75x leverage. The funding rate which was the initial rate for the POLUSDT perpetual contract was set at +2.00%/-2.00%. These products have greatly boosted the investor interest in POL as is reflected in the rising price of the token. Apart from Binance, the American exchange Coinbase has also restored support for Polygon using the new POL ticker. The exchange had halted trading of MATIC on August 26 and started trading under the new symbol on September 12. Coinbase has added a new feature that enables its users to send, receive and trade POL, thus keeping the same level of support it previously provided for MATIC. Polygon PoS send/receive support has been resumed on Coinbase and all services have been restored. POL has been enabled for trading across all regions where MATIC is available for trading. https://t.co/nahAbcot9e— Coinbase Assets 🛡️ (@CoinbaseAssets) September 10, 2024- Advertisement -The transition to POL is not only a switch in the token’s name but also the token’s role as the official staking token for Polygon’s Proof-of-Stake (PoS) network. Current MATIC stakers will still get their rewards as usual until their staking period is over. However, all new actions will involve the POL token. Migration from MATIC to POL Complete The switch from MATIC to POL can be considered as a key event in the development of the Polygon network. The project had previously laid down in July that the MATIC token would be upgraded to POL on September 4. This migration marks a change in the direction of the project as it moves towards becoming a zero-knowledge (ZK) chain and integrating with AggLayer to create a single liquidity pool across multiple chains. After the upgrade, the total supply of the tokens in the POL network was kept at 10 billion. The annual emission rate was set to 2%. Binance completed the swap of MATIC to POL, enabling deposits, withdrawals, and trading for the new POL tokens. The exchange has also enabled spot trading for pairs like POL/BNB, POL/BTC, POL/ETH, and others. The initial exchange ratio from MATIC to POL was set at 1:1. The migration process carried out seamlessly on the Polygon PoS chain. Growing Market Optimism Surrounds POL Following Binance’s announcement and the successful migration, POL’s price reached a high of $0.4341, up from its earlier low of $0.372. The new token has shown considerable strength, outperforming several top cryptocurrencies, including Bitcoin and Ethereum. Analysts remain optimistic about POL’s future, with some predicting a possible rally to $0.94 if key support levels hold. Crypto analyst Ali Martinez has pointed out that POL is forming a descending triangle pattern. The same could lead to a bullish breakout. If the support level at $0.34 holds, the token could see a significant price increase, further boosting investor confidence. Additionally, the transition to POL has introduced a fresh perspective for traders and analysts, who now view it as a new asset on the charts, creating potential for renewed technical analysis.