coindesk.com
Polygon's native token $POL surged 15% on Friday as crypto exchange giant Binance said it added the token to its platforms, marking the completion of the token's upgrade and rebrand from the longstanding MATIC.
$POL jumped to nearly $0.45 from around $0.38 earlier today, hitting its highest price since late August. It has retraced some if its gains recently, but the token is still up 15% over the past 24 hours, outperforming the roughly flat bitcoin (BTC). It also was the best performing asset in the broad-market benchmark CoinDesk 20 Index during this period.
Polygon introduced last week the upgraded version the network's token, $POL, migrating from its longstanding token MATIC. The transition also brought some changes in tokenomics, introducing a new token emission rate of 2% annually.
Read more: Polygon to Start Much-Awaited Swap of $POL Token for Longstanding MATIC
The new ticker also might have some psychological influence, offering a fresh chart to crypto traders for their technical analysis, which could explain large part of Friday's price action.
"Full MATIC-$POL spot migration had already happened, but new charts are multiples more important," crypto analyst DefyIst noted. "First successful big token migration we've seen in a while, expect other projects to follow."