Polygon’s Bold Move: Migrating from Matic to Poly—Will It Reverse the 60% Crash?
The Polygon crypto team confirmed a date in September to convert Matic tokens into Pol tokens.
Polygon is a popular Proof-of-Stake (PoS) crypto network. During the 2021 bull run, Polygon’s native token, Matic, surged significantly, gaining widespread adoption among Ethereum-based projects due to its low transaction fees as a layer 2 scaling network.
As we reported earlier, the Polygon team decided to rebrand the Matic token as Pol. This means that Matic token holders will receive new Pol tokens on a 1:1 basis, ensuring the supply remains unchanged.
On August 18, 2024, Polygon Labs announced the migration from Matic to POL, set to begin on September 4th. This upgrade aims to enhance network security, governance, and staking capabilities. POL will replace Matic as the network’s native token, offering improved functionality for users and validators. The migration process will be seamless, with detailed instructions provided to ensure a smooth transition. This move is seen as a significant step in Polygon’s evolution, aiming to strengthen its position in the blockchain space.
Matic Price Action
The current trading price of Matic is $0.41, down 59% year to date (YTD), a significant drop for any flagship crypto asset.
In the last 24 hours, Matic’s price has risen by 1.8% following this news. Some crypto experts predict that Matic’s price may recover to a better level before the completion of the token migration process.
It’s important to understand that this migration is similar to a soft fork. While the Matic token will become obsolete, holders will receive the new Pol token. MATIC holders on Ethereum, Polygon zkEVM, and CEX may need to participate in the migration.
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