2024-09-14 05:30:50 by NewsBTC

The Polygon Network recently underwent a technical upgrade to migrate their native token from MATIC to POL. Following the migration, the new token’s price struggled to gain momentum, failing to reclaim the $0.39 resistance level. However, Binance’s recent listing of POL has pumped its price above key levels. Binance Completes Polygon Token Migration On Friday morning, global exchange Binance completed the token migration from MATIC to POL. The exchange had stated it would support Polygon’s token swap by delisting all MATIC trading pairs and suspending deposits and withdrawals on September 10. Additionally, the platform revealed it would add POL spot trading pairs on September 13, at 10:00 (UTC). The pairs included POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT. Polygon’s token migration on September 4 marked a “critical juncture” for the network, aiming to enhance utility and align with “the vision as an aggregated network of blockchains.” The upgrade seeks to improve the platform’s tokenomics to make it more attractive for users and validators. Moreover, POL will serve as a “hyperproductive token,” acting as the native gas and staking token on Polygon and supporting its “future expansion and security as an aggregated network.” After delisting MATIC, Binance announced the completion of the token swap, listing Polygon’s new token on Friday. The global exchange also unveiled that POL would be added to Binance Simple Earn, “Buy Crypto”, and Binance Convert. Binance Margin and futures services would also become available for POL investors on September 13. Meanwhile, Binance Auto-Invest will be available on September 16 at 10:00 (UTC). POL Price’s Parabolic Surge Following its listing on Binance, Polygon’s new token saw a massive surge. POL had been hovering between the $0.38-$0.35 price range since September 3, edging close to its all-time low (ATL) of $0.345 registered over a month ago. Despite Polygon’s upgrade, the token struggled to break above the $0.39 resistance level, worrying investors and market watchers. However, POL jumped 17.3% on Friday, breaking above the $0.4 mark for the first time in ten days. The token also saw a massive increase in daily activity, seemingly fueled by the listing. POL registered a daily trading volume of $135 million, soaring 700% in the last 24 hours. Its market capitalization also surged 17%, hitting the $3.16 billion mark on Friday morning. Some market watchers noted POL’s performance, praising Polygon’s upgrade. DeFi analyst DeFyist considered Polygon’s the “first successful big token migration we’ve seen in a while.” To the analyst, the upgrade displayed why “new charts are more important” as the token was “lifted on the fresh perp listing” despite the spot migration having happened already. Another pseudonym analyst considered it an “example of why a ‘new chart’ matters.” To Cilinix, if the token successfully reclaims the $0.44 resistance level, it could be up for a bullish run. As of this writing, POL is trading at $0.433, a 16.6% surge in the last 24 hours. Polygon (POL) performance in the weekly chart. Source: POLUSDT on TradingViewFeatured Image from Unsplash.com, Chart from TradingView.com Rubmar Garcia Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. 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