đšMATIC will cease to exist in two weeks, but its price is on the rise.
The value of Polygon (MATIC), the 19th largest cryptocurrency by market capitalization, has risen by more than 25% in a week, reaching $0.53 USD. This increase places it among the four best-performing cryptoassets in the last seven days, considering the top 100 cryptocurrencies and tokens on the market.
The price increase comes amid a Bitcoin (BTC) rally that has boosted the cryptocurrency market in general. However, there is also an important event approaching in the MATIC ecosystem, which seems to be well received by the market. MATIC is counting down to its end. In two weeks, on September 4, MATIC will be replaced by a new cryptoasset called POL.
Polygon Labs, the company issuing the token, announced this news just over a month ago after obtaining community consensus. This community-driven upgrade describes POL as the next-generation native token, designed to secure, align, and grow the Polygon ecosystem. POL will grant governance rights to users and offer features that will improve the scalability of the network.
It will enable a decentralized pool of PoS (Proof of Stake) validators to provide security, resilience, and neutrality to every network in the Polygon ecosystem. MATIC users on Polygon PoS will not need to do anything to replace their tokens, as they will automatically be upgraded to POL on the mentioned date.
However, holders of the asset on Ethereum, Polygon zkEVM, or centralized exchanges (CEX) may need to take some action to upgrade it.
