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

• Polygon chooses September 4 as the date for the MATIC to POL token migration.
• In the initial phase, POL will replace MATIC as the native gas and stake token for the Proof-of-Stake network.
• MATIC has erased nearly 4% of its value over the past seven days to $0.4093 at the time of writing.

Polygon, the largest Ethereum scaling solution has announced that the MATIC token will migrate to POL on September 4th. 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 to migrate in several phases, as the new token is expected to play a key role in AggLayer.

MATIC to POL migration, role in AggLayer and other developments

In an official blog, Polygon dropped the details of the MATIC to POL migration on September 4th. The migration will take place in different phases and eventually POL will play a key role in Polygon’s AggLayer project.

AggLayer is central to Polygon’s multi-chain ecosystem. The project connects various 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 need not take any action. Users holding MATIC on Ethereum, Polygon zero-knowledge rollup zkEVM and on centralized exchanges may need to migrate their assets.

MATIC Could Extend Earnings 20%, Revises $0.50

MATIC broke out of its multi-month downtrend in July 2024. MATIC is trading at $0.4134 at the time of writing. Layer 2 scaling indicator is likely to extend gains by 20.90% and reach its target of $0.50. This is a key level for MATIC, it acted as a key support for MATIC between July 2023 and August 2024.

The Moving Average Convergence Divergence (MACD) indicator shows an underlying positive momentum in the MATIC price trend.

MATIC/USDT daily chart

Looking to the downside, MATIC could find support at the August 5 low of $0.3342.