August 12, 2024 — Polygon (MATIC) is on the brink of a significant transformation as it prepares for the migration from its MATIC token to the new POL token, a move set to take place on September 4, 2024. This upgrade is part of Polygon 2.0, an ambitious initiative designed to enhance the scalability and efficiency of the network.
The upcoming migration will see POL become the native gas and staking token for the Polygon Proof-of-Stake (PoS) network. This change is expected to simplify and enhance user experience while maintaining backwards compatibility with existing contracts. Holders of MATIC on the Polygon PoS chain will automatically transition to POL without needing to take any action. However, those holding MATIC on Ethereum or other platforms might need to engage in specific steps to upgrade their tokens (Web3, Aggregated.) (Web3, Aggregated.).
As the network approaches this pivotal upgrade, MATIC’s price has shown resilience, despite the broader market’s volatility. Analysts are watching closely as the token tests critical support levels around $0.38, with some speculating a potential bullish reversal that could drive the price back towards the $1 mark (Benzinga) (Crypto Basic).
This transition marks a crucial step in Polygon’s journey to becoming a leading Layer 2 solution for Ethereum, with the broader goal of creating a scalable, interconnected network of blockchains that can handle the demands of Web3 applications (Web3, Aggregated.).
