Ethereum scaling solution, Polygon, has announced the discontinuation of its BEP-2 tokens. Polygon launched the MATIC BEP-2 token in 2019, 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
Corrected:— Polygon | $MATIC 💜 (@0xPolygon) January 11, 2022
MATIC BEP2 Discontinuation
In 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 12th
Holders 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 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 failure, and Polygon is looking to declutter as it builds to support multiple types of applications.