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Polygon's POL (MATIC) Token Spikes 15% on Binance Listing
Polygon introduced last week POL. the upgraded version the network's token, migrating from its longstanding MATIC with some tokenomics changes.
Updated Sep 13, 2024, 2:54 p.m. Published Sep 13, 2024, 2:44 p.m.
Polygon's native token POL surged 15% on Friday as crypto exchange giant Binance said it added spot and perpetual contracts trading with the token to its platforms, marking the completion of the token's upgrade and rebrand from the longstanding MATIC.
POL jumped to nearly $0.45 from around $0.38 earlier today, hitting its highest price since late August. It has retraced some if its gains recently, but the token is still up 15% over the past 24 hours, outperforming the roughly flat bitcoin . It also was the best performing asset in the broad-market benchmark CoinDesk 20 Index during this period.
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Polygon introduced last week the upgraded version the network's token, POL, migrating from its longstanding token MATIC. The transition also brought some changes in tokenomics, introducing a new token emission rate of 2% annually.
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Read more: Polygon to Start Much-Awaited Swap of POL Token for Longstanding MATIC
The new ticker also might have some psychological influence, offering a fresh chart to crypto traders for their technical analysis, which could explain large part of Friday's price action.
"Full MATIC-POL spot migration had already happened, but new charts are multiples more important," crypto analyst DeFiyst noted. "First successful big token migration we've seen in a while, expect other projects to follow."
$POL being lifted on the fresh perp listing is refreshing to see (+18%).
— DeFiyst (@DeFiyst) September 13, 2024
Full $MATIC -> $POL spot migration had already happened, but new charts are multiples more important.
First successful big token migration we've seen in a while, expect other projects to follow. pic.twitter.com/UdDq5EAGoc
UPDATE (Sep. 13, 14:52 UTC): Adds that Binance listed spot and perpetual contracts with POL on Friday.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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