Polygon has decided to discontinue its BEP-2 tokens for Ethereum scaling solutions. Polygon’s MATIC BEP-2 token was launched in 2019n by Polygon following its MATIC listing.

BEP-2 It is the standard tokens Binance developed the Binance token in order to help customers send their assets more quickly. MATIC BEP-2 was created to give MATIC holders more liquidity and autonomy. It also provides security.

Polygon discontinues MATIC BEP-2

Polygon stated that Binance requested it to cease MATIC BEP-2 because of low use. In order to fulfill its purpose, 150 million MATIC BEP-2 coins will be discontinued. Polygon has announced

Correction: MATIC BEP2 DiscontinuationIn consultation With @binance, liquidity on BinanceChain (not BSC in 2019) will no longer be provided by MATIC BEP2. MATIC BEP2 MATIC will now be available for ERC20 MATIC via Foundation Wallet starting at 11.00 GST Jan 12th1/2

— Polygon | $MATIC (@0xPolygon) January 11, 2022

Holders who have MATIC BEP-2 tokens are required to send them to Binance. They can then be withdrawn as MATIC On, Polygon, or BSC.

Polygon stated that BEP2 MATIC would burn if all the users swap, effectively wiping them out of existence.

The Flipside

• MATIC BEP2 does not boost liquidity in Binance MATIC was one of the top performing cryptos and gained more than 12,000% by 2021

What You Need to Care About

Failure is not uncommon in crypto projects, so Polygon will be looking at ways to reduce clutter as it develops to support many types of applications.

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