Polygon’s POL Token Surges 16.6% Post-Binance Migration

Polygon’s new token, POL, surged by 16.6% on September 14 following Binance’s completion of the MATIC to POL transition. The migration, which took place on September 10, marked a pivotal moment for the Polygon network.

Binance, one of the world’s leading cryptocurrency exchanges, announced the successful migration of Polygon’s native token from MATIC to POL. “This transition is a critical juncture for the Polygon network, aiming to enhance utility and align with the vision as an aggregated network of blockchains,” stated a Binance spokesperson.

The migration process involved delisting all MATIC trading pairs and suspending deposits and withdrawals. On September 13, Binance introduced new POL trading pairs, including POL/BNB, POL/BTC, and POL/USDT, among others. This move was met with enthusiasm from the crypto community, as evidenced by the token’s price surge.

DeFi analyst DeFyist praised the upgrade, calling it “the first successful big token migration we’ve seen in a while.” He added, “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”.

Polygon’s new token, POL, is designed to serve as a “hyperproductive token,” acting as the native gas and staking token on the network. This upgrade aims to improve the platform’s tokenomics, making it more attractive for users and validators.

Following the listing on Binance, POL’s price broke above the $0.4 mark for the first time in ten days, registering a daily trading volume of $135 million and a market capitalization surge to $3.16 billion.

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