While the cryptocurrency space continuously evolves, so do the tokens that fuel these diverse networks. Probably among the biggest changes that will be seen in the near future in the world of blockchain is the intended migration of Polygon’s MATIC token to a new token called POL. This change represents the bigger strategy the Polygon ecosystem is undertaking to increase its efficiency, scalability, and usability. At pi42.com, this can be overwhelming when it involves an asset that one trades often. That is why this blog looks to arm one with all the vital information one will need for this transition to be smooth and seamless from MATIC to POL.
Understanding the Token Rebranding: Why is Polygon Moving from MATIC to POL?
Polygon chose to make a shift from MATIC to POL in order to follow its long-term vision of scalability and versatility for the network. The MATIC token acts like a backbone in the Polygon network, allowing one to facilitate any transaction, stake, or vote for proposals on the network. However, with time and the growing network, the requirements addressed so far need further upgrade. The new POL token will be able to provide this essential missing element to make the network far more robust and future-proof.
Why POL?
POL will be more than a transactional token but also will contribute to governance and network security. In summary, the change reflects Polygon’s determination to stay relevant in the ever-evolving blockchain ecosystem. What that means for pi42.com users is that you’ll be trading a token more aligned with the future direction of the network and one that may open new avenues.
The main advantages of POL over MATIC are as follows:
Increased Governance Capabilities: POL provides a user with greater control over the future of the Polygon ecosystem, giving users more say and an active role in the future of the network.
Enhanced Network Security: Like MATIC, POL is stackable for security of the network but has added incentives and higher potential reward.
More Use Cases: POL was built to be much more versatile than MATIC. It is far-reaching in more usages internally in the network, including those that will be developed in the future, where MATIC could not possibly support.
Key Dates and Timelines: Everything You Should Know
To have a seamless transition, it is very important to keep in mind the various key dates relating to the branding of MATIC for POL. Failure to meet these deadlines will very likely disrupt your trading activity and positions on MATIC. It is advisable to take the necessary actions promptly to avoid any inconvenience.
Important Dates
September 03, 2024: All MATIC pairs including MATIC/INR and MATIC/USDT will be delisted on pi42.com. You will not be able to trade MATIC on our platform after this date.
Important Update:
MATIC Delisting Date Extended – Remember to close MATIC-INR and MATIC-USDT positions by 12 PM on Sept 4.
The above-mentioned date that it 12 PM on Sept 4 are going to be very important for active traders of MATIC. It’s a good idea that you schedule your trades and portfolio adjustments around these timelines to avoid any inconvenience.
Changes in Your Trade: Prepare for Transition
For those with MATIC in their pi42.com accounts, the transition will happen automatically. Your MATIC holdings will be replaced with POL on an equal basis. Although this transition process is designed to be seamless, below is a brief rundown of things you can do in order to be fully prepared:
1. Close Open Positions
If you have any open positions in MATIC, consider closing them before the date mentioned above. This will prevent unexpected outcomes during the phasing-out process of the token from trading.
2. Monitor the Market
The transition period may be marked by increased volatility as traders adjust to the change. Be very keen on market conditions and ready to change your strategy if need be.
POL – What is It? Capabilities of the New Token
POL is not a rebranding of MATIC; instead, it is an improved token that will be more convenient for the needs of the Polygon network. Understanding of these new features will help you make informed decisions as you transition your portfolio from MATIC to POL.
1. Governance
As such, with the POL, network governance will hold a greater degree of influence, hence giving holders direct influence over the future of the Polygon ecosystem. This is one of those vital features to be desired by anyone that intends or wants to have a say in the future development and direction of the network.
2. Staking
Similar to MATIC, POL is made in a way that it can be staked in order to secure the network. However, with POL, there are added incentives that will be given to holders and stakers-possibly in the form of higher rewards-and, therefore, more attractive to holders and stakers who stay longer in business.
3. Versatility
POL has been made to be more utilitarian than MATIC to expand to more applications on the network. This includes further future developments that MATIC wouldn’t support, making POL a token for the future.
Trading POL on pi42.com: What to Expect
The good news is that once POL trading goes live on September 13, 2024, the experience of trading the digital asset is almost identical to that of MATIC. You will note the same pairs: POL/INR and POL/USDT, with the ability to execute buys and sells with the same speed and efficiency you have grown accustomed to on our platform.
1. New Token, New Dynamics
First of all, let’s not forget that POL is a brand-new token, and its price action may turn to be completely different from MATIC’s one. New features and increased governance roles may bring different market dynamics into play. We encourage all traders to do their own research and stay updated about market trends and news pertaining to POL.
2. Liquidity and Trading Volumes
We can only hope that initially, trading volumes and liquidity for POL will not be as strong as those of MATIC, but as a transition takes place and more users start to trade POL, we expect liquidity to normalize.
3. Refreshed Trading Strategies
You might want to revise your trading strategies with new capabilities of POL. Especially, if you are interested in governance, you may want to hold onto your POL tokens as opposed to actively trading them.
Conclusion: Preparing for a Smooth Transition
The transition of POL from MATIC has been one of the important milestones in the life course of the Polygon network and all of its users, including those in pi42.com. Of course, being well-informed is already half of the winning strategy of how smoothly this transition will be and how you can leverage the opportunities brought by POL.
Your team at pi42.com is right behind you every step of the way. Please feel free to contact our customer support team regarding anything we can help with or even about this transition. We are committed to making it as smooth as possible for all our users.
Thank you for trusting pi42.com as your trustworthy platform for trading and investing in this bright future of cryptocurrency.
DISCLAIMER : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.