Originally launched as the Matic Network, Polygon processes transactions on sidechains to facilitate faster settlements and lower transaction costs. Essentially parallel blockchains that operate independently of the Ethereum mainnet, sidechains can handle a higher volume of transactions, reducing congestion and lowering fees for Polygon users. In July 2023, the network’s original native token, POL was proposed as the network’s new native token to better reflect the project’s evolution and focus on scaling Ethereum. In July of this year, Polygon announced that all MATIC tokens would be upgraded to POL tokens.
On Bitfinex, customers will be able to trade both POL and MATIC. Customers will be able to deposit and withdraw both MATIC PoS (API: MATICM), MATIC ERC-20 (API: MATIC) and POL.
POL offers holders several utility options, including validator staking, validator rewards, and the ability to participate in all governance. The tokens have an initial supply of 10 billion.
“Polygon’s efforts to scale one of the crypto ecosystem’s core networks are important to our industry’s efforts to onboard the next billion users in Web3. We are thrilled to add POL to our roster of digital asset offerings available for trade,” said Henry Child, Head of Tokens at Bitfinex.
Deposits for POL are expected to open at approximately 12:00 PM UTC on 2 September 2024, subject to network conditions. Trading is planned to commence at approximately 10:00 AM UTC on 4th September, 2024, contingent upon liquidity requirements being met. POL will be tradable against US Dollars (POL/USD) and Tether tokens (POL/USDt).
To obtain access to POL on Bitfinex, customers can visit https://www.bitfinex.com/?refcode=0bC4Lljc.
*All users of www.bitfinex.com are subject to Bitfinex’s terms of service (“TOS”). Please note that U.S. persons (as defined in the TOS), among other prohibited persons (as defined in the TOS), are strictly prohibited from directly or indirectly holding, owning or operating an Account (as defined in the TOS) on www.bitfinex.com.
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
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