Posted:
- POL trading rose after the listing as MATIC tokens worth $7.14 billion were converted into the new token.
- Polygon strengthened its role in tokenized RWAs, holding $868.88 million in Total Value Locked.
Binance [BNB] has been successful completed the transition from MATIC to POL, creating a wave of interest among traders.
With $7.14 billion worth of MATIC tokens already converted, representing 71.4% of the total supply, the market is keeping a close eye on how this shift will impact POL’s price movements, Dune said.
Source: Dune
The new POL token is now available for trading in multiple pairs including POL/USDT, POL/BTC, and POL/ETH, among others.
POL performance after listing
After listing on Binance, POL has experienced both volatility and an increase in trading volume. At the time of writing, POL was priced at $0.3794with a 24-hour trading volume of $77,969,673.
The token saw a decline of -6.29% over the past day, but recorded a modest gain of 0.85% over the past week. Despite the short-term dip, POL had a market capitalization of $2.7 billion, fueled by its large circulating supply of 7.1 billion tokens.
According to DefiLlamaTotal Value Locked (TVL) on Polygon at the time of writing was $868.88 million, indicating solid engagement on the platform.
Moreover, stablecoins on the network have a market capitalization of $1.982 billion, while the 24-hour trading volume is $58.59 million.
Over the past 24 hours, Polygon has seen an inflow of $1.49 million and recorded 2.84 million transactions. The number of active addresses in the same period stands at 606,572, while the number of new addresses increased by 55,169.
Polygon’s role in tokenized RWAs
Polygon has established itself as the second largest blockchain in the tokenized Real World Assets (RWAs) space, with 23 assets on its platform, following Ethereum’s [ETH] 62. According to market analysis,
“Polygon’s position in the RWA sector, with a total market capitalization of $531.58 million, reinforces its importance in the blockchain ecosystem.”
Source: OnsNetwerk
Read Polygon [MATIC] Price forecast 2024–2025
This substantial market share puts Polygon in a strong position as it transitions into the POL era.
With continued growth in the RWA market, the platform is expected to attract more projects, which could impact POL’s long-term value.