Polygon (MATIC) has announced an upgrade that will see the migration of MATIC to POL tokens, slated to commence on September 4. This upgrade is pivotal as POL will replace MATIC as the native gas and staking token on the Polygon PoS network.
Wu Blockchain, an X crypto news outlet, highlighted that this upgrade will play a crucial role in the Polygon ecosystem’s future, especially within the AggLayer.
The Upcoming Migration and Its Implications
The transition from MATIC to POL is not a token swap; it is a strategic move aimed at boosting the Polygon network’s functionality. POL is set to replace MATIC as the primary gas and staking token on the Polygon PoS network in the first phase of the upgrade.
Polygon announced that the migration of MATIC to POL tokens will take place on September 4. POL replaces MATIC as the native gas and staking token of the Polygon PoS network and will play a key role in the AggLayer. MATIC holders on Ethereum, Polygon zkEVM, and CEX may need to…
— Wu Blockchain (@WuBlockchain) August 19, 2024
Beyond this, the community-driven expansion of POL’s utility in the AggLayer will be considered in subsequent phases. This marks a shift in Polygon’s operational framework.
MATIC holders on the Polygon PoS network will not need to take any action during this migration. However, holders with MATIC on Ethereum, Polygon zkEVM, or centralized exchanges may be required to manually operate the migration.
Polygon has urged these holders to stay alert for communications from third parties, ensuring they do not miss critical instructions. Additionally, MATIC stakers and delegators on Ethereum have been reassured that no action is necessary on their part.
Next Meme Coin to Explode? Look No Further If You Are Looking for the Next PEPE or POPCAT
Meet PandaWorld, the new meme coin currently selling at discounted presale prices! The project was inspired by the adventures of six panda siblings, utilizing their unique abilities to bring together gaming, staking, and other features.
Show more +Show less –
Read also: 21Shares Toncoin Staking ETP Crosses $100M AUM Amid TON Price Pump
Market Response and Price Movements
In light of the impending upgrade, MATIC has seen positive price movements. According to CoinGecko, MATIC trades at $0.4199 at press time. This reflects a 3.10% increase over the past day and a 1.10% rise in the last week.
This price uptick indicates a favorable market reaction to the news of the upgrade. Moreover, it shows investors are seemingly optimistic about Polygon’s future prospects.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post MATIC Holders Might Need to Act Fast Amid Polygon’s New Upgrade appeared first on CaptainAltcoin.
