Binance Completes Transition to New POL Coin for Enhanced Polygon Protocol

Binance has successfully completed the transition of the Polygon (MATIC) coin to the upgraded Polygon (POL) coin, marking the full implementation of the enhanced Polygon protocol. Users can now deposit and withdraw POL coins, providing them the opportunity to engage with the new coin standard.

Multiple POL Trading Pairs Now Available

Binance announced the launch of spot trading for POL across various trading pairs, including POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT. Trading officially began on September 13, 2024, at 1:00 PM.

Additionally, options for Trading Bots and Spot Copy Trading will be activated within 24 hours after the start of spot trading, allowing users to make adjustments and include POL trading pairs in their existing Spot Copy Trading portfolios.

The initial supply of POL is capped at 10 billion coins, with an expected annual inflation rate of 2% for the first ten years. Binance recommends that users review the project’s promotional document and official announcement for detailed information on coin emissions and potential dilution risks.

MATIC Coin Switched to POL Coin at 1:1 Ratio

On the other hand, the distribution of POL coin against MATIC was carried out at a 1:1 ratio, meaning 1 MATIC coin was exchanged for 1 POL coin. Users can check their coin distribution history and find POL deposit addresses via Binance’s platform.

Furthermore, for those still holding the old MATIC coins, Binance offers the option to exchange them for POL coins at the same 1:1 ratio using the conversion feature on the platform. However, it is important to note that withdrawal operations for the old MATIC coins will no longer be supported following the completion of this upgrade.

This upgrade is part of a plan to enhance the Polygon ecosystem, making it a more robust and scalable protocol. The launch of POL is expected to align with the vision for future interoperability within Polygon’s Blockchain, promising advanced functionalities, enhanced security, and scalability.