Binance has revealed its support for Polygon’s transition from MATIC to the new POL token, with significant changes slated to begin in September 2024. This strategic move is designed to align with Polygon’s network upgrade and improve overall functionality.
Key Dates and Actions
Delisting of MATIC: Binance will delist all MATIC trading pairs, including MATIC/BNB, MATIC/BTC, and MATIC/USDT, on September 10, 2024, at 03:00 UTC. Following this, all trading orders for MATIC will be canceled, and Trading Bots services associated with these pairs will be terminated. Users are advised to cancel or update their Trading Bots to prevent potential losses.
Token Swap: The conversion from MATIC to POL will be executed at a 1:1 ratio, with trading for POL token pairs starting on September 13, 2024, at 10:00 UTC. Binance will manage all technical aspects of the swap, though the specific timeline for resuming POL deposits and withdrawals is yet to be confirmed.
Suspension of Services: Deposits and withdrawals for MATIC will be suspended starting September 10, 2024, at 03:30 UTC. Users should complete any pending transactions before this deadline. Additionally, margin trading for MATIC will cease on September 5, 2024, at 11:00 UTC, with isolated margin borrowings suspended on September 2. Binance will also close and settle all MATIC Futures contracts and outstanding loan positions by September 4, 2024.
Security Concerns
Amid the transition, the Polygon community has faced security issues. The official Polygon Discord channel was recently compromised, with hackers promoting phishing links and potentially targeting users during the MATIC to POL migration.
Market Impact and MATIC Price Analysis
Despite the upcoming support from Binance, the POL token’s price remains subdued. As of the latest data, POL’s value has seen a significant drop, reflecting broader market trends. However, recent on-chain activity, including spikes in active addresses and significant coin movements, suggests that MATIC could be poised for a potential reversal.
On-Chain Activity: Data from Santiment shows a rise in active addresses and substantial whale movements, signaling a possible shift in market dynamics.
Price Predictions: Analysts are closely monitoring MATIC’s price action. Currently trading near critical technical levels, a sustained hold above the $0.5065 support could indicate a bullish trend. Market predictions suggest that a rally could drive prices toward $0.65 if positive momentum continues.
Conclusion
Binance’s support for the MATIC to POL token swap is a significant development in the crypto space, aligning with Polygon’s network upgrades. While the POL token’s current price remains low, indicators of increased on-chain activity and potential technical breakouts for MATIC suggest that opportunities for price recovery may be on the horizon. Investors should stay informed of the latest updates and manage their positions accordingly to navigate the upcoming changes effectively.
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