MATIC to POL rebrand: Polygon’s announcement to holders ahead of the 4 September event

The leading Ethereum scaling platform, Polygon, made a crucial announcement to its investors ahead of the significant MATIC to POL transition.

Scheduled for 4 September, the community-driven and upgraded altcoin will have immediate use cases within Polygon’s proof-of-stake (PoS) ecosystem.

The move aims to boost network functionalities as Polygon cements its footprints within the blockchain world.

What should MATIC holders do?

According to the announcement, actions from token investors will depend on where they hold their assets. No action will be needed from MATIC investors on Polygon PoS as their tokens will automatically upgrade to POL.

Meanwhile, holders on centralized exchanges, Polygon zkEVM, and Ethereum need to do something to transform their MATIC holdings to POL.

Individuals ready for the migration will access an already deployed migration contract that “will enable holders to upgrade MATIC to POL on Ethereum permissionlessly.”

Users on these platforms will use a 1:1 ratio to convert MATIC to POL. That will maintain the total coin supply, ensuring continued transactions and staking activities across the Polygon network.

The POL token will enhance the blockchain’s infrastructure and functionality, particularly via the newly launched AggLayer.

Meanwhile, Polygon has seen improved sentiments lately. For instance, it emerged as among the top picks by crypto whales during the second week of this month (August 2024).

Data from Santiment revealed that Polygon addresses holding 100K to 1 million and 10 million to 100 million jumped significantly in August.

Whale interest amid price underperformances displays confidence in the altcoin’s expected recovery.

MATIC’s current price action

The altcoin maintained a bullish stance today, gaining over 3% to trade at $0.4191. MATIC displays recoveries after prolonged declines plunged it 60% since January 2024.

MATIC 1D Chart on Coinmarketcap

Technical indicators support continued recoveries, targeting the $0.50 value area. That would translate to an over 20% jump from current MATIC prices.

The Moving Average Convergence Divergence on the 4-hour timeframe supported the upward trajectory, swaying beyond the signal line.

Also, increased interest from large-scale crypto investors confirms trust in MATIC’s upward course.

In summary, Polygon will replace the MATIC native coin with community-driven POL on 4 September. The transition aims to enhance the blockchain’s scalability and efficiency.

Developers have encouraged holders to upgrade their MATIC coins to POL at the 1:1 ratio to continue using the Polygon platform seamlessly.

Experts believe the strategic rebrand will enrich Polygon’s infrastructure, especially with the awaited launch of AggLayer.

Meanwhile, Polygon stakeholders brace for positive impacts as the migration date approaches.

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