Price of Polygon (#MATIC ), the 19th largest cryptocurrency by market capitalization, has gained more than 25% in seven days. With this increase, it is trading at $0.53 (USD) at the time of writing.

This price movement makes MATIC one of the four best performing cryptocurrencies over the past seven days (taking into account the top 100 cryptocurrencies and tokens in the market), as shown below.

This increase comes amid Bitcoin (#btc ) price increase has pushed the entire crypto market higher. However, this is not the only factor that could have caused this movement. In addition, a relevant event in its ecosystem is approaching, which seems to be positively received by the market.

MATIC is facing the countdown to the end

In just two weeks, on September 4, MATIC will be replaced by a new crypto asset called POL. The token’s issuer, Polygon Labs, announced the news over a month ago after gaining consensus from the community to do so.

It is “a completely community-driven upgrade,” the broadcaster said when making the announcement. They described the MATIC replacement as “a next-generation native token, designed to secure, streamline, and grow the Polygon ecosystem.”

#POL will be activated to provide governance rights to users and provide features that improve the scalability of the network. Among other things, it will enable a decentralized group of PoS (Proof of Stake) validators to provide security, resilience, and neutrality to each network launched in the Polygon ecosystem.

MATIC users on Polygon PoS will not need to do anything to replace their tokens. These tokens will be automatically upgraded to POL on the mentioned date.

On the other hand, those holding assets on Ethereum, Polygon zkEVM or centralized exchanges (#CEX ) may need to take some action to update that asset. Therefore, this team needs to review its communications or consult with the platform team.
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