02 Sep Bitfinex Lists Polygon’s Native Token, POL
In the press release
Roadtown, Tortola, British Virgin Islands – September 2, 2024 – Bitfinex (https://www.bitfinex.com), the leading digital asset trading platform, today announced that it will be one of the first exchanges to list POL, the native token of Polygon, a layer-2 scaling solution built on Ethereum.
Originally launched as Matic Network, Polygon processes transactions on a sidechain, facilitating faster settlements and lower transaction costs. Essentially a parallel blockchain that operates independently of the Ethereum mainnet, the sidechain can process higher volumes 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 can trade both POL and MATIC. Customers can deposit and withdraw both 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 initial supply of the token is 10 billion.
“Polygon’s efforts to scale one of the core networks of the crypto ecosystem are critical to the industry’s efforts to onboard the next billion users to Web3. We are excited to add POL to our growing list of tradable digital assets.” Henry Child, Head of Tokens at Bitfinex.
Deposits for POL will open at approximately 12:00 PM UTC on September 2, 2024, subject to network conditions. Trading will commence at approximately 10:00 AM UTC on September 4, 2024, subject to liquidity requirements. POL will be traded against the US Dollar (POL/USD) and Tether tokens (POL/USDt).
To access POL on Bitfinex, clients can visit https://www.bitfinex.com/.
*All users of www.bitfinex.com must comply with Bitfinex’s Terms of Service (“TOS”). U.S. persons, as defined in the TOS, and 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 that provides cutting-edge services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex offers access to peer-to-peer funding, OTC markets, and margin trading for a wide range of digital tokens. Bitfinex’s strategy is focused on providing unparalleled support, tools, and innovation to experienced traders and liquidity providers around the world. For more information, visit www.bitfinex.com.
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