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.
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. Access COINTURK FINANCE to get the latest financial and business news.
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.
