Polygon confirms September 4 migration of MATIC to POL, here’s what to expect

MENU Show navigationFXStreet Ekta Mourya Ekta Mourya FXStreet Follow Polygon confirms September 4 migration of MATIC to POL, here’s what to expect CRYPTOS | 08/18/2024 10:50:00 GMT Polygon picks September 4 as the date to migrate MATIC to POL token. In the initial phase, POL will replace MATIC as a native gas and staking token for the Proof-of-Stake network. MATIC erased nearly 4% of its value in the last seven days, down to $0.4093 at the time of writing. Polygon, the largest Ethereum scaling solution announced that MATIC token will migrate to POL on September 4. The new token will replace MATIC as a native gas and staking token for the Polygon Proof-of-Stake (PoS) network. The Layer 2 project plans the migration in several phases, as the new token is expected to play a key role in the AggLayer. MATIC to POL migration, role in AggLayer and other developments In an official blog, Polygon dropped the details of MATIC’s migration to POL on September 4. The migration will take place in different phases and eventually POL will play a key role in Polygon’s AggLayer project. AggLayer is instrumental in Polygon’s multi-chain ecosystem. The project connects different components within the Polygon network including the PoS chain that facilitates fast and cheap transactions for users. The Layer 2 project says that MATIC holders on the Polygon PoS chain don’t need to take any action. Users holding MATIC on Ethereum, Polygon zero-knowledge rollup zkEVM and in centralized exchanges may have to migrate their assets. MATIC could extend gains by 20%, revisit $0.50 MATIC broke out of its multi-month downtrend in July 2024. MATIC trades at $0.4134 at the time of writing. The Layer 2 scaling token is likely to extend gains by 20.90% and hit its target of $0.50. This is a key level for MATIC, it acted as key support for MATIC between July 2023 and August 2024. The Moving Average Convergence Divergence (MACD) indicator shows positive underlying momentum in MATIC price trend. MATIC MATIC/USDT daily chart Looking down, MATIC could find support at the August 5 low of $0.3342. BITCOIN, ALTCOINS, STABLECOINS FAQS What is Bitcoin? Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.