Amid a relatively stable crypto market, Polygon’s POL token surged more than 15% on Friday morning. The momentum appears to have been sparked by POL’s listing on Binance, the world’s largest cryptocurrency exchange, marking the completion of the transition from MATIC to POL.
Back in July, Polygon announced that the MATIC token would be upgraded to POL on September 4, after a year of discussions with community participation.
This change officially makes POL the new token that will serve as the gas fee and staking token on the Polygon PoS chain. Polygon PoS is an EVM-compatible proof-of-stake (PoS) sidechain on the Ethereum network.
“The migration to POL is a key step in the project’s evolution into a ZK chain and integration with AggLayer, aiming to consolidate liquidity and state across multiple chains,” said Vishal Chawla from The Block. “POL will retain MATIC’s tokenomics model and have a maximum supply of 10 billion tokens.”
The initial exchange ratio from MATIC to POL is set at 1:1, with issuance increasing by 2% over the next decade. Investors holding MATIC on the PoS chain will be automatically upgraded to POL without any action required. However, MATIC holders on the Ethereum network, Polygon zkEVM, or centralized exchanges will have to actively convert their tokens to POL via the migration contract.
Source: Coingecko
According to price site Coingecko, POL is trading at $0.4215, up 11% with a market capitalization of nearly $3 billion. Meanwhile, the GMCI 30 index, which represents the top 30 cryptocurrencies, is also up 1.5%.
Source: https://tapchibitcoin.io/polygon-pol-tang-vot-sau-khi-niem-yet-tren-binance.html
