Following a successful transition from MATIC to POL, Binance [BNB] has generated significant interest among traders.
Having converted $7.14 billion worth of MATIC tokens, which accounts for 71.4% of the total supply, all eyes are on how this move will affect the price dynamics of POL, as reported by Dune.
The newly introduced POL token is now tradable across various pairs such as POL/USDT, POL/BTC, and POL/ETH, among others.
Performance of POL after its listing
Since its listing on Binance, POL has witnessed fluctuations in prices along with a notable increase in trading volume. As of the latest data, POL was valued at $0.3794, with a 24-hour trading volume of $77,969,673.
Despite a 6.29% drop in the previous day, the token has shown a modest 0.85% rise in the past week. Even after the short-term downtrend, POL maintains a market capitalization of $2.7 billion, supported by a significant circulating supply of 7.1 billion tokens.
As per DefiLlama, the Total Value Locked (TVL) on the Polygon platform stood at $868.88 million, underscoring strong user engagement on the network.
Furthermore, stablecoins registered a market cap of $1.982 billion on the network, with a 24-hour trading volume amounting to $58.59 million.
Within the last 24 hours, Polygon observed inflows of $1.49 million and processed 2.84 million transactions. Active addresses numbered 606,572 during this timeframe, with an increase of 55,169 new addresses.
Role of Polygon in tokenized Real World Assets (RWAs)
Ranked as the second-largest blockchain in the tokenized Real World Assets (RWAs) sector, Polygon boasts 23 assets on its network, trailing Ethereum’s [ETH] 62. As per market insights,
“Polygon’s leading position in the RWA segment, with a total market capitalization of $531.58 million, highlights its significance in the blockchain landscape.”
This considerable market presence positions Polygon strongly as it forays into the era of POL.
Given its ongoing expansion in the RWA domain, the platform is anticipated to attract more projects, potentially impacting the long-term value of POL.