Polygon (MATIC) Prepares to Convert to POL: Here's How Binance and Other CEXs Will Handle the Migration Event

Before discussing how Binance will handle the conversion of the MATIC token into POL, let's briefly review the key points of Polygon's rejuvenation.

Binance and other centralized crypto exchanges are preparing to support their users during the migration event of the Polygon MATIC token to POL.

The major exchange of the sector will perform the transition automatically, delisting the old token and adding the new one.

The holders of MATIC on Ethereum in non-custodial wallets have at their disposal a portal for conversion offered directly by the Polygon team.

Those who instead hold the crypto on the Polygon POS network (or staked on the Ethereum protocol) will not have to do anything.

Let’s see all the details below.

Polygon revs up: appointment on September 4th for the conversion of the MATIC token into POL

Before discussing how Binance will handle the conversion of the MATIC token into POL, let’s briefly review the key points of Polygon’s rejuvenation.

The cryptographic project had anticipated in September the transition to the update to version 2.0, guided by the concepts of unlimited scalability and unified liquidity.

Polygon is trying to expand its blockchain to the point of creating a layer of interconnected L2 networks under the name of “infrastructure of the internet value”.

One of the fundamental parts of this development concerns the migration of MATIC towards the new crypto POL.

This latest one has been designed as a hyperproductive resource, used as gas currency of the Polygon network Pos and included in the logic of AggLayer.

POL will also support a fundamental role of the Polygon staking hub, with premium functions related to ZK proofs, block generations, and rollup data availability.

It is therefore not just a simple rebranding, but a true cryptographic evolution.

As already noted in July in a post on X, the official date for the much-anticipated transition is September 4th.

The conversion rate is set at 1:1 with MATIC, with the new token maintaining the old tokenomics and being launched with an initial supply of 10 billion and an annual emission of 2%.

On September 4th, there will actually be only and exclusively the migration of MATIC held on Polygon Pos, which will be automatically converted into POL.

So if you hold MATIC on non-custodial wallets such as Metamask and on the Polygon network, you don’t need to do anything.

The same applies to those who have staked MATIC on protocols of the Ethereum network: the conversion process is automated.

If instead you have MATIC on the Ethereum network (not locked in stake) you can already use the Polygon Foundation portal to perform the token transfer.

There are no deadlines for the migration to POL related to this last category.

Binance and other CEX support the migration of the Polygon token

The holders of MATIC on Binance or on other CEX, will be assisted in the migration of the Polygon token to the new crypto POL.

Here too, no action is required from the users of these decentralized platforms, but it is important to keep some information in mind.

Regarding Binance, the crypto exchange has established that on September 10 at 05:00 AM (UTC+2) the delisting of MATIC will initially take place.

The pairs MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC, and MATIC/USDT will be officially removed.

From September 4 to 10, despite the migration to Polygon POS already being completed, deposits and withdrawals on the exchange will retain the ticker MATIC.

The spot trading activities will continue as usual during this time period, while those related to Futures and Margin will cease as of September 4th.

From 05:30 AM (UTC+2) on September 10, all services related to MATIC will be temporarily suspended while they will become operational again just 3 days later.

In fact, on September 13 at 12:00 AM (UTC+2) Binance will list the new token POL with the following trading pairs: POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC, and POL/USDT.

Other centralized exchanges are playing ahead and preparing to introduce the POL token into their markets before the rival Binance.

OKX for example has revealed that it will list the new asset POL in conjunction with the update on September 4th. The platform will also keep the crypto MATIC until September 7th before delisting it definitively. Deposits and withdrawals will have different timings. You can find all the references in the blog post of the exchange.

Like OKX, Kraken PRO will also list POL starting from September 4th, in the hope of attracting good trading volumes on a particularly watched day.

Again, other exchanges like Crypto.com have already listed POL

The above is the detailed content of Polygon (MATIC) Prepares to Convert to POL: Here's How Binance and Other CEXs Will Handle the Migration Event. For more information, please follow other related articles on the PHP Chinese website!