Polygon 's POL price surged immediately after its Binance listing, marking the end of the transition from Matic to the new Token .
Polygon completes rebranding upgrade, POL price increases sharply by 15%. Photo: Decrypt
The world's largest cryptocurrency exchange Binance has listed POL - Polygon 's new coin - on its platform, marking the completion of the upgrade and rebranding process.
As Coin68 reported , Polygon began implementing the upgrade and conversion plan to a new Token from September 4,after a year of discussion . Accordingly, POL will become the new symbol of the gas and Staking Token on the Polygon PoS network, a sidechain compatible with Ethereum and operating under the long-standing proof-of- Stake consensus mechanism.
This transition is part of the framework for evolving Polygon into a ZK chain and integrating with AggLayer , to consolidate liquidation across multiple chains.
POL will also maintain the tokenomics of Matic with a Max Supply of 10 billion Token. The initial conversion rate from Matic to POL is 1:1, but will increase by 2% per year over the next 10 years.
For users holding Matic on Polygon PoS, it will be automatically upgraded to POL without any action. As for Matic owners on Ethereum, Polygon zkEVM, or centralized exchanges CEX, they need to actively migrate to POL through the conversion contract.
POL price increased by more than 15% on the morning of September 14, reaching its highest price since late August. At the time of writing, POL is hovering around $0.41, down more than 6% in the past 24 hours, suffering the same fate as most of the market inthis morning's dump due to the impact of Mr. Trump's second assassination attempt .
1H chart of POL/ USDT pair on Binance exchange at 10:00 AM on September 16, 2024
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