RIP MATIC, Long Live POL: How is Polygon Rebrand Landing in The Charts?

MATIC is being migrated to POL, Price Trading volume in 24h Last 7d price movement , as Polygon starts its ambitious mission of implementing Polygon 2.0 via the Aggregation Layer.

Bitcoin, Ethereum, Solana, Cardano, and other networks continuously improve.

Take, for example, Bitcoin. When Satoshi Nakamoto launched it in 20209, it was bare and vulnerable.

Along the way, developers took it upon themselves to refine the network, adding new features.

Bitcoin has a layer-2 solution in early September and is more private, thanks to the Taproot upgrade.

The same can be said of Cardano, which, after Chang , is now more decentralized. Ethereum is also more energy efficient after the Merge, while Solana will be more robust and reliable once Firedancer goes live.

Polygon Upgrades: From MATIC To POL

Taking the same path, Polygon, formerly Matic Network, has also been evolving.

After rebranding from the Matic Network to Polygon a few years back, they are now in a new phase.

Yesterday, the sidechain solution for scaling Ethereum moved to a new phase.

 

After months of preparation, Polygon successfully executed a highly anticipated technical upgrade yesterday, on September 4.

Before the migration, the testnet ended in July.

The update culminated in converting MATIC, their native token, to POL, a new coin saddled with more utilities.

The Polygon 2.0 Vision: What’s The Game Plan?

According to analysts and observers, the decision to migrate is strategic and part of the project’s grand objective to further scale Ethereum.

Of note, with POL in existence, the platform can now move to its other plans of the all-important and equally ambitious Polygon 2.0 vision.

According to a Polygon executive, Marc Boiron, the upgrade will add more uses to POL.

 

While all users will have to pay gas fees using POL, it will also serve as a staking token, providing even more opportunities than MATIC.

Eventually, POL will be the primary source of fees across the Polygon ecosystem, serving as a core part of the Polygon 2.0 vision.

Under this vision, the goal is to infinitely scale Ethereum through a series of layer-2s, all connected from the Aggregation Layer or the AggLayer.

The AggLayer is a cross-chain interoperability protocol that seeks to unify all blockchains built using the Polygon tech stack.

Exchange Listing And POL Price Performance

Following this upgrade, all stake MATIC will be automatically converted to POL without any added action.

The same is expected for token holders with tokens in the Ethereum sidechain.

Binance, OKX, and several other exchanges have announced support for the conversion.

Looking at the POLUSDT chart, prices are stable at spot rates.

POL is moving inside a tight range, capped between $0.37 and $0.39.

( POLUSDT )

So far, the token is at the lower end of the support, near yesterday’s low.

For the uptrend to continue, there must be a break above $0.39.

There will be multiple drivers.

Besides the recovery of, say, Bitcoin prices, the community is looking at Polygon’s new tokenomics under POL.

A sustainable growth model has been implemented to see POL’s emission stand at an annual 2%.

Tokens will be split between validators and the treasury, which the Polygon community manages.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.