Binance Exchanges $7.14 Billion MATIC for POL, Sparks Excitement: What Comes Next?
Recently, Binance completed the exchange of $7.14 billion worth of MATIC for POL, creating a buzz within the trading community.
With the switch now finalized, comprising 71.4% of MATIC’s total supply, the market eagerly anticipates the impact on the price movement of POL, as reported by Dune.
The freshly minted POL token is now tradable across various pairs, including POL/USDT, POL/BTC, and POL/ETH, among others.
Performance of POL After its Inclusion
Since its debut on Binance, POL has witnessed fluctuations in both trading volume and volatility. As of the latest update, POL was valued at $0.3794, with a 24-hour trading volume of $77,969,673.
While the token experienced a decrease of -6.29% in the past day, it managed a modest 0.85% increase over the last week. Despite the short-term setback, POL maintained a market cap of $2.7 billion, fueled primarily by its vast circulating supply of 7.1 billion tokens.
According to DefiLlama, the Total Value Locked (TVL) on Polygon stood at $868.88 million at the time of reporting, indicating robust activity on the platform.
Furthermore, stablecoins within the network accounted for a market cap of $1.982 billion, with a 24-hour trading volume totaling $58.59 million.
Over the past 24 hours, Polygon observed inflows of $1.49 million and recorded 2.84 million transactions. The period also saw 606,572 active addresses, with new addresses growing by 55,169.
Polygon’s Significance in Tokenized Real World Assets
Within the tokenized Real World Assets (RWAs) arena, Polygon emerges as the second-largest blockchain platform, hosting 23 assets, just behind Ethereum’s 62. Market analysis suggests:
“Polygon’s prominent position in the RWA sector, with a total market cap of $531.58 million, underscores its significance within the blockchain landscape.”
With this considerable market presence, Polygon stands poised for a successful transition into the era of POL.
Continuing to expand within the RWA market, Polygon is anticipated to attract more projects, potentially impacting the long-term value of POL.