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MATIC to POL: Polygon's Crypto Gets a Makeover
On September 4th, Polygon upgraded its current token to POL. This is the first step towards POL being used across multiple Polygon chains. For now, POL will replace MATIC as the token used for gas fees and staking on the Polygon PoS network.
If you hold MATIC on the Polygon PoS network, you don't need to do anything. The upgrade will happen automatically. If you hold MATIC on Ethereum, Polygon zkEVM, or a centralised exchange, you might need to take action to upgrade your if you wish to do so.
CoinJar has for our customers to change MATIC to POL.
Why the change?
MATIC, the native token of the Polygon network, is being replaced by POL as part of a larger upgrade called Polygon 2.0. This transition is a strategic move with several reasons behind it:
Enhanced functionality
POL will have expanded utility within the Polygon ecosystem, including governing the network, participating in decision-making, and potentially unlocking new features and use cases.
Unified token
Polygon currently has multiple scaling solutions (PoS, zkEVM), each with its own tokenomics. POL aims to unify these under a single token, removing the complexity from the user experience and creating a more cohesive ecosystem.
Future-proofing
The cryptocurrency landscape is rapidly evolving. POL is built with flexibility in mind, enabling it to adapt to future technological advancements and emerging trends within the blockchain space.
Improved tokenomics
The goal is to create a more sustainable and rewarding system for token holders and validators, ultimately contributing to the long-term growth of the network.
Marketing and branding
Rebranding to POL provides an opportunity for Polygon to refresh its image, attract new users, and communicate its evolving vision as an established player in the layer-2 scaling solutions space.
In essence, the change is a reflection of Polygon's ambition to become a more comprehensive, scalable, and user-friendly platform for decentralised applications and blockchain innovation. It's a step towards a future where Polygon plays a central role in the broader adoption of blockchain technology.
What happens to my MATIC?
If your MATIC is on Polygon, you don't have to do anything! Your MATIC will automatically transform into POL on September 4th.
If your MATIC is elsewhere, Polygon has instructions for how to swap it for POL. It's a little more involved, but still pretty user-friendly.
Should investors be worried?
Think of it like a company changing its logo – the core product is still the same, just with a fresh look and some improvements under the hood. The value of your holdings should remain the same, just represented by a different token. Although you should bear in mind market value fluctuations.
Polygon is aiming to become the "internet of blockchains" – a hub where different blockchains can connect and work together. POL is a big part of that vision. It's designed to be the fuel that powers this interconnected network, making the whole crypto world more efficient and accessible.
Conclusion: MATIC to POL
This change shows how projects like Polygon are constantly looking for ways to improve. It's important to stay informed, but there's no need to worry.
Frequently asked questions
What is the Polygon (MATIC) to POL migration?
Polygon is upgrading its token to POL. It's like a major software update that will improve the Polygon network's capabilities, including scaling, protection, and functionality.
Will the price be affected by the migration to POL?
The migration itself should not directly affect the overall value of your holdings. Your MATIC will be converted to POL at a 1:1 ratio. However, market sentiment and speculation around the upgrade could influence the MATIC price in the short term.
How will POL improve upon the existing network?
POL will enable efficient transaction speeds, competitive fees, and enhanced protection. It's designed with an aim to be a more efficient and powerful scaling solution for Ethereum and other blockchains.
Is there a deadline to swap to POL?
The official swap date is September 4th. However, even after this date, you should still be able to swap your MATIC for POL. Check Polygon's official channels for the most up-to-date information.
Where can I buy Polygon (MATIC) before the POL migration?
You can buy MATIC on various cryptocurrency exchanges. Remember to compare prices and choose a reputable platform like CoinJar. Look for exchanges with the most competitive prices and fees to maximise your investment.
Will the circulating supply of MATIC change with the migration to POL?
The total circulating supply will remain the same. Each MATIC token will be swapped for one POL token. However, POL will have different tokenomics (rules governing its supply and distribution) that may affect its long-term value.
Is POL a good investment in 2024?
The potential of POL as an investment depends on various factors, including market trends and your individual risk tolerance. Do thorough research and consider seeking advice from a financial professional before making any investment decisions.
How long has the MATIC network been around?
The MATIC network, now Polygon, has been around since 2017. It has quickly grown into a popular scaling solution, handling millions of transactions every 24 hours.
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