Polygon Token Upgrade: What You Need to Know
If you are holding MATIC tokens, get ready for a significant upgrade – Polygon has announced a date for the long-awaited token migration from MATIC to POL. Here is everything you need to know about the upcoming upgrade:
Save The Date: Polygon Token Upgrade Coming Soon
The highly anticipated date for the Polygon token upgrade has been set for September 4. The upgrade will mark the transition from MATIC to POL, Polygon’s new native gas and staking token.
- POL will replace MATIC as the native gas and staking token for Polygon PoS
- The token migration will occur on September 4
- A testnet migration took place on July 17 to identify and fix potential issues
Upgrading Polygon PoS from MATIC to POL requires robust testing to ensure the highest security possible. A testnet migration allows users to familiarize themselves with the processes of upgrading, minimizing disruptions.
POL Upgrade Phases and Goals
The upcoming POL upgrade aims to expand Polygon’s utility as an aggregated blockchain network. Here are some key goals of the upgrade:
- Provide security and unify liquidity across multiple chains
- Enhance Polygon’s scalability and interoperability
- Offer users a seamless experience in utilizing the Polygon network
Action Required for MATIC Holders
Depending on where you hold your MATIC tokens, you may need to take certain actions for the migration to POL:
- MATIC holders on Polygon PoS: no action required, tokens will be automatically upgraded to POL
- Users on Ethereum, Polygon zkEVM, or CEXes: upgrade to POL through a token migration contract
MATIC Price Update: $0.4 or $1 Next?
After the announcement of the token upgrade, the price of MATIC experienced a 7% drop:
- Price fell from $0.54 to the $0.52 range following the news
- Currently trading between $0.513 and $0.518, with a 4% retrace in the monthly chart
- Weekly and biweekly timeframes show a 2% increase, with a 34% surge in daily activity
Bullish and Bearish Predictions for MATIC
Market analysts have differing opinions on the future price movement of MATIC:
- The Cryptonomist predicts a potential price target of $0.4 based on a bearish breakdown
- Zayk Charts suggests a bullish breakout could drive MATIC towards the $1 range
Alex Clay, a crypto analyst, believes that MATIC is at a ‘generational bottom’ and predicts double-digit price targets in the future.
Hot Take: What’s Next for Polygon and MATIC Holders?
As the Polygon token upgrade approaches, MATIC holders should stay informed and prepared for the migration to POL on September 4. Keep an eye on price movements and market developments to make informed decisions regarding your MATIC holdings.
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