Polygon is Discontinuing MATIC BEP-2: What Does this Mean?
DailyCoin
Published Jan 12, 2022 08:29AM ET
Polygon is Discontinuing MATIC BEP-2: What Does this Mean?
Ethereum scaling solution, Polygon, has announced the discontinuation of its BEP-2 tokens. Polygon launched the MATIC BEP-2 token in 2019n after its MATIC listing and integration with the Binance DEX and its main chain (not the Binance Smart Chain).
BEP-2 is a standard for tokens created by Binance to allow customers to send assets faster. The MATIC BEP-2 token was launched to provide added liquidity, autonomy, more trading pairs, and security for MATIC Holders.
Polygon Discontinues MATIC BEP-2
Polygon explained that it conferred with Binance to discontinue MATIC BEP-2 due to low usage of the tokens. Failing to achieve the purpose of its launch, the 150 million MATIC BEP-2 tokens will be discontinued. Polygon announced;
Corrected:MATIC BEP2 DiscontinuationIn consultation with @binance, due to low usage, MATIC BEP2 will be discontinued.The 150mn BEP2 MATIC provided for liquidity on BinanceChain(not BSC) in 2019 will be swapped for ERC20 MATIC from Foundation Wallet at 11:00 GST, Jan 12th1/2Holders of the MATIC BEP-2 tokens will be required to transfer them to Binance and withdraw them as MATIC on Ethereum, Polygon, or BSC.— Polygon | $MATIC (@0xPolygon) January 11, 2022
Polygon clarified that all BEP2 MATIC will burn when all users are swapping, wiping them from existence.
On the Flipside
- While MATIC BEP2 fails to bolster liquidity on Binance, MATIC has been one of the best performing cryptos, gaining more than 12,000% in 2021
Why You Should Care
Crypto projects are not immune to failing, and Polygon is looking to declutter as it builds to support multiple types of applications.
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