Polygon’s recent migration from $MATIC to $POL has sparked significant changes, leading to data anomalies in its first few days.
After a year of community discussions, the MATIC to POL upgrade is now live, marking a major milestone in Polygon’s evolution.
From now on, all transactions on Polygon PoS will utilize $POL as the native gas and staking token.
This transition is a crucial part of the Polygon 2.0 roadmap, which was first introduced in mid-2023.
The team has since shared detailed plans on how the migration would unfold and the benefits $POL would bring, such as improved scalability, security, and efficiency.
In preparation for the main migration, a testnet upgrade was launched in July 2024, allowing developers and users to familiarize themselves with the process.
$MATIC To $POL Token Swap Information To Monitor
While the token swap from $MATIC to $POL is a 1:1 conversion, this shift is more than just a technical upgrade—it represents a strategic move to make the network more robust and scalable.
Polygon’s migration from $MATIC to $POL has corresponded with massive data anomalies in its first few days. Check out our deep dive on the on-chain & social data behind this transition, and learn how this upgrade should impact long-term holders. https://t.co/kQCSFR0kNd pic.twitter.com/47cctzI7s7
— Santiment (@santimentfeed) September 6, 2024
Despite the detailed information, retail traders have faced confusion as they navigate the impact of this migration on their portfolios. The switch has generated a flurry of trading activity, with many users eager to swap their $MATIC tokens for $POL, drawn by the token’s enhanced features. Unlike $MATIC, which was primarily used for staking and gas fees, $POL enables multi-chain staking, allowing users to stake across different Polygon chains, thereby improving network security and opening up new fee-earning opportunities.
Interestingly, the network has seen a notable surge in new wallets as $POL gains traction. Recent data shows 487 new $POL wallets were created compared to $MATIC’s 794, suggesting a flip in daily wallet creation is on the horizon.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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