Binance swaps $7.14B MATIC to POL, triggers frenzy: What now?

• POL trading surged post-listing as $7.14 billion MATIC tokens converted to the new token.
• Polygon strengthened its role in tokenized RWAs, holding $868.88 million in Total Value Locked.

Binance [BNB] has successfully 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 closely watching how this shift will impact POL’s price movements, per Dune. 

Source: Dune

The new POL token is now available for trading across multiple pairs, including POL/USDT, POL/BTC, and POL/ETH, among others.

POL performance post-listing

Following the listing on Binance, POL has experienced both volatility and a surge in trading volume. As of press time, POL was priced at $0.3794, with a 24-hour trading volume of $77,969,673. 

The token saw a -6.29% decline in the past day, but has posted a modest 0.85% increase over the past week. Despite the short-term dip, POL held a market cap of $2.7 billion, fueled by its large circulating supply of 7.1 billion tokens.

According to DefiLlama, the Total Value Locked (TVL) on Polygon was $868.88 million at press time, indicating solid engagement on the platform.

In addition, stablecoins on the network have a market cap of $1.982 billion, while the 24-hour trading volume reaches $58.59 million. 

Over the last 24 hours, Polygon has seen inflows of $1.49 million and recorded 2.84 million transactions. The number of active addresses in the same period is 606,572, while new addresses have 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: OurNetwork

Read Polygon’s [MATIC] Price Prediction 2024–2025

This substantial market share places Polygon in a strong position as it transitions into the POL era.

With its continued growth in the RWA market, the platform is expected to attract more projects, which could influence POL’s long-term value.