Polygon Labs has revealed that MATIC, its current token, will be replaced by a new token called POL on September 4th. This change has the backing of the community and is considered a major upgrade designed to improve the Polygon ecosystem.
Even though MATIC will no longer exist in its current form, its price has climbed by more than 25% in the past week, making it one of the top-performing cryptocurrencies. This price boost is partly driven by a general rise in the cryptocurrency market, especially Bitcoin's recent gains. Additionally, the upcoming transition to POL is generating positive sentiment among investors, likely contributing to the price increase.
For those holding MATIC on Polygon PoS, the tokens will be automatically upgraded to POL. However, if you have MATIC on Ethereum, Polygon zkEVM, or centralized exchanges, you may need to take certain steps to ensure a smooth upgrade. It's recommended to stay updated through platform communications or consult with the teams involved to prevent any issues.
