The Polygon crypto staff confirmed a date in September to transform Matic tokens into Pol tokens.
Polygon is a well-liked Proof-of-Stake (PoS) crypto community. Throughout the 2021 bull run, Polygon’s native token, Matic, surged considerably, gaining widespread adoption amongst Ethereum-based initiatives as a consequence of its low transaction charges as a layer 2 scaling community.
As we reported earlier, the Polygon staff determined to rebrand the Matic token as Pol. Because of this Matic token holders will obtain new Pol tokens on a 1:1 foundation, making certain the provision stays unchanged.
On August 18, 2024, Polygon Labs introduced the migration from Matic to POL, set to start on September 4th. This improve goals to boost community safety, governance, and staking capabilities. POL will change Matic because the community’s native token, providing improved performance for customers and validators. The migration course of will likely be seamless, with detailed directions supplied to make sure a clean transition. This transfer is seen as a big step in Polygon’s evolution, aiming to strengthen its place within the blockchain house.
Matic Value Motion
The present buying and selling worth of Matic is $0.41, down 59% yr to this point (YTD), a big drop for any flagship crypto asset.
Within the final 24 hours, Matic’s worth has risen by 1.8% following this information. Some crypto specialists predict that Matic’s worth could recuperate to a greater stage earlier than the completion of the token migration course of.
It’s essential to know that this migration is much like a comfortable fork. Whereas the Matic token will develop into out of date, holders will obtain the brand new Pol token. MATIC holders on Ethereum, Polygon zkEVM, and CEX could must take part within the migration.
Learn additionally: Vaca Sues Google for $5M Over Harmful App on Platform, Citing Negligence