The world's largest crypto exchange Binance has announced that it will support the migration of Polygon tokens from MATIC to POL. The exchange said it will stop accepting deposits and withdrawals by September 9, 2024.
The token swap will complete the upgrade of Polygon's native token to POL, which the team says will play a critical role in the Polygon AggLayer. Many projects have recently upgraded their tokens, with MakerDAO being the latest to do so with its upgrade to SKY.
Binance will automatically transfer the token
According to Binance, MATIC holders on the exchange will not need to do anything, as the token swap will happen automatically at a 1:1 ratio for MATIC to POL. However, the exchange will implement some processes before the swap ultimately occurs.
This will begin with the exclusion of all MATIC trading pairs and the suspension of pending orders for spot trading on September 10, 2024. The affected pairs include MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC and MATIC/USDT.
Following the delisting, Binance will open trading for POL pairs by September 13, 2024. All previous MATIC trading pairs will also be available for POL, indicating that there will be no major changes.
Meanwhile, Binance will close all MATIC futures positions on September 9 with automatic settlement and delisting of contracts once settlement is complete. Therefore, users should close their open positions before then to avoid automatic settlement. MATIC margin trading will also be affected as Binance plans to suspend isolated margin borrowing by September 2 and remove all MATIC Cross and Isolated Margin pairs by September 5.
Polygon Foundation Moves MATIC to Binance
In anticipation of the token swap, the Polygon Foundation has transferred 10 million MATIC tokens worth $4.63 million to Binance in the last 24 hours. This continues the trend of MATIC being transferred to the exchange. Since June, the foundation has sent 50 million MATIC to Binance worth $24.72 million.#MATIC✅