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Polygon, the Ethereum scaling solution, has finally rebranded its native token from MATIC to POL. The move marks a significant achievement for the protocol and signals a new dispensation for the ecosystem.
Positive market sentiment drives significant gains for POL
Remarkably, Polygon's rebranding has triggered positive market sentiment for the native token. As of the time of writing, data shows that POL exchanged hands at $0.3811, which represents a 1.61% increase in the past 24 hours since the launch.
Besides positive price value, Polygon has registered a massive market volume and valuation surge. Within the same 24-hour period, Polygon’s market volume soared by over 750% to a significant $23,087,508. Similarly, the market cap recorded a massive leap of 1,388.42% to $2,081,686,019.
Analysts have attributed these positive indices to the enthusiasm that greeted Polygon’s rebranding. The development involved more than just a name change from MATIC to POL.
Happy new POL! 💪🎉😎
— Mihailo Bjelic (@MihailoBjelic) September 4, 2024
💪 POL is now live across the Polygon network, a huge feat that follows a year of community collaboration!
💪 POL is the next-gen protocol token, aka hyperproductive token:
- BTC is the 1st gen, aka unproductive token (no productive utility within the… pic.twitter.com/j8FVMBErLY
Notably, with the latest mainnet upgrade, the token takes productivity further, enabling holders to stake across multiple chains. This utility helps to generate returns from multiple sources in the Polygon ecosystem.
Boosting multi-Chain staking and scarcity
Interestingly, the unveiling of POL marks the first phase in the blockchain's rebranding and upgrade development. This phase now allows holders to stake POL to secure the Polygon PoS (Proof of Stake) network and be rewarded for it.
Additionally, a portion of POL, which serves as transaction fees, will be burned, helping to reduce overall supply and create scarcity. This can ultimately increase the token’s value and possibly drive up prices.
Moreover, in this first phase, POL tokens emitted to the community treasury help support ecosystem development and other community-driven projects. By design, the POL token is intended to spur the long-term development of the network, and community members have authority over its operations.