MATIC Migration to POL Finally Goes Live, But Price Charts Fail to React Positively

After a long wait, the migration of MATIC to POL has finally gone live as planned by Polygon developers. According to the team, it has taken a year of

Polygon (MATIC) has finally completed its long-awaited transition to POL as the native token for the Polygon network. This technical upgrade marks a significant step in the evolution of the Polygon ecosystem, setting the stage for an aggregated network with POL at its core.

According to an official statement from Polygon, the transition is now live, and all transactions processed on Polygon PoS will henceforth utilize POL as the native gas token. This upgrade paves the way for a broader range of applications, including gas payments, grants, and the community treasury.

Furthermore, the Polygon team highlighted the crucial role that POL will play in providing network security for services such as sequencing, ZK-proof generation, and participation in decentralized autonomous corporations (DACs).

This upgrade had been the subject of extensive discussions within the Polygon community and was eagerly anticipated by many. Several cryptocurrency exchanges, including Binance, played a key role in theスムーズな移行 by announcing the delisting of MATIC trading pairs.

Binance announced that all MATIC trading pairs will be removed from the exchange on 10th September. This move is intended to ensure a smooth transition to POL as the native token on the Polygon network.

After the塵が落ち着く, POL price charts didn’t seem to react positively to the upgrade, with the token experiencing a decline. At the time of writing, POL was trading at $0.3761, down by 4.09% over the past 24 hours.

However, a massive surge was observed in trading volume, which soared by an impressive 928.5% to reach $10.2 million. Thisの時間枠 also saw an increase in the crypto’s market cap, as reported by Coinmarketcap.

One of the key factors driving the surge for POL/MATIC tokens was increased whale activity, with a massive transfer being flagged by Whale Alert. According to the platform, $608.7 million worth of Matic tokens were moved by a whale from Bitvavo to an unknown wallet.

Such large-scale transfers contributed to the surge in trading volume for the altcoin as it attempts to establish itself within the new upgrade.

According to Coinglass, there was a demand for long positions on MATIC, which was indicated by a positive OI-weighted funding rate. Thisの時間枠 suggests that investors were optimistic about the altcoin’s future prospects and were betting on further gains.

With MATIC now transitioning to POL, the market is responding with increased trading activity and whale activity. If whale activities are buying, this could drive prices up with increased demand.

Thus, with favorable market conditions, POL will reattempt the previous resistance at $0.39 in the short term. However, the markets will be waiting to see how POL responds to the upgrade.

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