Binance Completes MATIC to POL Token Upgrade and Announces New Trading Pairs
Binance, the leading cryptocurrency exchange, has successfully completed its upgrade of Polygon (MATIC) tokens to the new Polygon (POL) token. Users can now deposit and withdraw POL tokens, and several new trading pairs have been made available on Binance as part of this transition. This marks a significant milestone for both Binance and the Polygon ecosystem, as MATIC token holders can now seamlessly convert their assets to POL tokens and take advantage of new market opportunities.
Binance Opens Trading for POL Tokens
As of September 13, 2024, Binance has officially opened spot trading for the POL token, with pairs including POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT. To ensure full access to the newly upgraded token, Binance will also enable Trading Bots and Spot Copy Trading within 24 hours of listing. For users engaged in Spot Copy Trading, the newly listed POL pairs can be manually added via the "Personal Pair Preference" section in their settings.
The transition from MATIC to POL was conducted at a 1:1 ratio, ensuring that every MATIC token was converted to its equivalent in POL. The new POL token supply is capped at 10 billion, with an inflation rate of 2% per year for the first decade, which could lead to token dilution due to emissions. Users are advised to review the updated project whitepaper and Binance announcements for more detailed insights.
POL Tokens: A Seamless Upgrade for MATIC Holders
Binance has made it straightforward for MATIC holders to swap their tokens for POL. Using the convert function, users can exchange their old MATIC tokens for POL at a 1:1 ratio. However, withdrawals of the old MATIC tokens are no longer supported, making it essential for users to ensure their tokens are converted in a timely manner.
The upgrade includes several changes to trading pairs and services across Binance. As of September 10, 2024, Binance delisted all MATIC spot trading pairs. These include MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC, and MATIC/USDT. The delisting also affected Binance Trading Bots, and users were advised to update their settings before the changes took effect.
The Impact on Trading Services
Binance has taken comprehensive measures to ensure the smooth transition of MATIC to POL across various trading products. For Futures contracts, the exchange closed all positions on MATICUSDT and MATICUSDC USDⓈ-M Perpetual Contracts on September 4, 2024. These contracts were then delisted after settlement. Users were advised to close open positions to avoid automatic settlements.
In addition, Binance’s Margin services also delisted MATIC from cross and isolated margin trading as of September 5, 2024. Users were encouraged to close positions or transfer assets from Margin Wallets to Spot Wallets before the specified deadline. All MATIC balances held in cross-margin wallets will be converted to USDT.
Binance's decision to upgrade MATIC to POL extends beyond spot trading, impacting services such as Binance Simple Earn, Binance Pay, and Binance Gift Cards. For example, all MATIC products in Binance Simple Earn were automatically redeemed on September 9, 2024, and will be resubscribed in the form of POL tokens after the event’s conclusion.
Conclusion: A New Era for Polygon with POL Tokens
The completion of the MATIC to POL upgrade signals a new era for the Polygon ecosystem. Binance's thorough management of the token swap ensures a smooth transition for users, with minimal disruptions across its services. The newly introduced POL trading pairs provide fresh opportunities for investors, with Binance continuing to support the growing Polygon network.
As Binance continues to integrate the new POL tokens into its platform, users can look forward to a seamless experience in managing their assets and exploring new trading options in the cryptocurrency market.