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Reading: Polygon Renames MATIC Token to POL Token on September 4
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COINTURK NEWS > Polygon (MATIC) > Polygon Renames MATIC Token to POL Token on September 4
Polygon (MATIC)

Polygon Renames MATIC Token to POL Token on September 4

In Brief

  • Polygon will rename MATIC token to POL token on September 4.

  • POL will replace MATIC as the primary transaction fee and staking token.

  • Technical analyses predict MATIC could rise by 20.90% to reach $0.50.

COINTURK NEWS
COINTURK NEWS 10 months ago
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Leading Ethereum scaling solution Polygon will rename its MATIC token to POL token on September 4. POL will replace MATIC as the primary transaction fee and staking token in the Polygon ecosystem, marking a significant update for the network.

Contents
Polygon’s Transition from MATIC to POLOptimistic Predictions for MATIC and the Impact of the Transition to POL on Price

Polygon’s Transition from MATIC to POL

The transition to POL is designed to enhance Polygon’s functionality and support its expanding infrastructure. As part of this change, MATIC holders on Ethereum, Polygon zkEVM, and centralized exchanges will need to convert their tokens to POL. The conversion will be conducted on a 1:1 basis, ensuring the total supply remains the same. This transition is crucial for continuous participation in the network’s staking and transaction activities.

POL will play a significant role in Polygon’s scaling solution AggLayer, which aims to create a unified network ecosystem. This move follows Polygon’s strategy to enhance network efficiency and scalability. The new token will be an integral part of the multi-blockchain AggLayer ecosystem and will support the Staking Hub expected to launch next year.

Optimistic Predictions for MATIC and the Impact of the Transition to POL on Price

In addition to the renaming news, optimistic predictions are being made for MATIC. Despite a 59% drop since the beginning of the year, MATIC shows signs of recovery. Technical analyses indicate that MATIC could rise by 20.90% to reach $0.50.

This prediction is based on recent positive market signals and technical indicators, including the Moving Average Convergence Divergence (MACD) on the 4-hour chart.

Market observers and experts generally view the transition to POL as a strategic development aimed at strengthening Polygon’s network features and supporting future growth. As the transition date from MATIC to POL approaches, stakeholders are preparing for a smooth transition to maintain network interaction, which is expected to positively impact the price of the network’s core asset.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 19 August, 2024 - 11:49 am 19 August, 2024 - 11:49 am
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