In a move that reflects the dynamism and developments in the cryptocurrency world, Binance has announced the completion of the conversion of its Polygon (MATIC) token into a new token called Polygon (POL). This announcement comes at a crucial time when the market is witnessing major transformations, as deposits and withdrawals for the new POL tokens have been opened, opening up new horizons for investors.
As of September 13, 2024, 10:00 Morocco time, spot trading is open for the trading pairs POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT. Trading bots and spot copy trading for the mentioned tokens are expected to be activated within 24 hours of their listing. For users with active copy trading portfolios, they can easily include the new pairs by enabling them in the Personal Pairs Preferences section.
It is important to note that the initial supply of POL tokens was set at 10 billion tokens, with an annual inflation rate of 2% over the first 10 years. Token dilution may occur due to emissions, so all users are advised to review the project’s whitepaper for more accurate details.
The distribution is done at a rate of 1 MATIC for 1 POL, and users can view the distribution history of their tokens on the platform. They can also easily get their designated POL deposit addresses.
It is important to note that users can deposit old MATIC tokens and exchange them for new POL tokens at the same 1:1 ratio using the conversion function. However, it should be noted that withdrawals of old MATIC tokens will no longer be supported.