Bitcoin Forum

Polygon is going through some upgrades that you prolly missing and might be surprised from matic became POL for its acronym.
I'll quote the important parts of this upgrade but you're free to read the entire article for your reference which is also included on this thread.


https://i.postimg.cc/5N12Lbwf/poly.png (https://x.com/0xPolygon/status/1717134336104038580)

The sources;
https://polygon.technology/blog/polygon-2-0-implementation-officially-begins-the-first-set-of-pips-polygon-improvement-proposals-released
https://x.com/0xPolygon/status/1717134336104038580

confusing rebranding in my honest opinion, both the ticker MATIC and POL still exist in CMC and both ticker have its own market with differing price (wtf?), there are many exchanges announcing delisting of MATIC and don't put additional effort to elaborate that it's not exactly delisting but just rebranding and switching ticker that it caused fear for the matic holder such as this headline ;D.

https://imgvb.com/images/2024/08/30/df3785e3f6466ca1db00c684ac82a8bc.png

the polygon foundation should be better at explaining things, this long upgrade to POL is exhausting the holders and I personally find it annoying.

So what about the investors who have MATIC holdings?? Will it be converted to POL from the old version name Matic? Why did they change it? Is it because it is closer to the word "polygon"? Am I right? So they should remove the matic from the listing now, right?

Oh, since this is POL now, and those who have matic holdings will probably automatically convert it to usdt or Polygon's POL ticker name itself. It is because so unfair if there is POL and Matic in the exchange, isn't right?

Yep, more organization is needed, I agree, doesn't seem professional, sorta ;D

Now what about token holders in exchange and in there various wallet what do they do to ensure they don't have worthless coin with them, now already they had stirred up fear in the eyes of holders and those who already trading it on their various trading platform.
I think there should be a proper way to handle this than just entire changing their ticker to POL, where as other exchange delisting their MATIC, and i'm mean to say is there no professional way to handle this like not delist instead of rebranding and changing names where either every traders and holds receives automatic equivalents of what they are holding in their possession both in exchange and in their respective wallets. This is a good news but could stir up a huge dump in their coin since most the exchange delisting them.

Rebranding is a last resort if the token fails to rise, but if POL does not gain traction and popularity in the coming months, Polygon(Matic) will perform poorly during the current bull market.

I agree, they should give more info in detail to inform every user that there's an upgrade that's happening. It's on the go and it may take sometime for it to be completed.

AFAIK, they'll be automatically converted and just wait wherever your matic is deposited. If it's on exchanges, I guess that you have nothing to do anymore as they'll be the one to update your holdings. And it makes more sense to name it into POL than matic so you're right. You're mostly right in all that you've asked. But let's wait for the other updates soon.

It's best to check all of your emails with where your matic's are deposited. They'll surely give the updates info about whether to sell or hold or whatever instruction that they have to give to its users so that they won't miss out this upgrade or if there's something that the holders has to do.

I agree, I think that they have put it on timing and will see if this is going to work for this bull run.

I doubt if things will ever be the same again

Apparent the Ethereum gas fees have been dropping for a while so there will be no point of these layer 2 in the long run. Moreover, there are also very competitive layer 1 blockchains to Ethereum, such as Solana.

They will swap it to POL at some point, binance and other exchanges planned to do that, but the confusing part is POL has been in the market for quite sometime, so there are two token that polygon is having, MATIC and POL. while POL in this case got additional feature such as restaking and ZK technology but it has low liquidity meanwhile MATIC which deemed inferior to POL still has significantly more liquidity than POL

https://imgvb.com/images/2024/08/31/a58ccc99e49c7bf734125e7fa67cd5c2.png

it's 500k USD 24h volume vs $250 million 24h volume. the dev planned POL to replace MATIC in 4 years, but since the process is a really long process, I think there will be many turbulences caused by the migration and also confusions. at least this is my understanding.

I feel like Matic is still matic and this one is a different thing? Am I mistaking it, someone can make it more clear and explain to us what is going on but at the moment I feel like this is just a token at the eth main chain and it is what Matic is using for the token and the movements in and out. Of course, I could also be wrong and that is understandable but that doesn't mean that we are going to see a ton of differences, this seems like a good enough situation without a doubt.

The reality is that even if the whole name changed, or if the name matic stayed but this is something else, in either case we need more information to make a decision about it, I believe I am right but lets see what happens first before we make a move.

I tend to agree the more confusing it is for the mass amount of people to follow the harder the price will be to see it climb.  When somebody doesn't understand the backend of what is happening and feel too nervous they won't put their money in it.  I haven't followed for a little bit bit but I kmwo the last couple years that team has done so.e pretty cool stuff with the project.

Right it's very confusing, i was confused and i sold my Matic token it's was panic sell when I see binance announced delist Matic i sold instant with loss.
If Pol is still not created and to swap matic still a few days left now how Pol is live and trading in several exchanges, Pol price is higher than Matic.

The Kucoin article is somewhat clickbait and the same time effective, but all info regarding the "delist" can be read on the article content explaining everything about the migration. But yeah, it's really confusing especially to new users and first time hearing these news.

ETH gas fees won't stay low forever. Especially with the hype surrounding NFTs, "meme" tokens, and whatnot. Consider this as an opportunity to take advantage of low costs, before it's too late. L2s will always be necessary to help keep up with daily usage. Whenever the main blockchain network becomes congested, L2s will be there to save the day.

Polygon's move from MATIC to POL is no big change. It's just a marketing technique. The rebranding might help attract new investors into the project. But the hype will quickly fade away, as the majority are focused on faster chains such as Solana and BSC. Not even Polkadot had any success with "Polkadot 2.0". The chain with the largest ecosystem of dApps, tokens, and services will remain "King" forever. Don't expect ETH to lose ground anytime soon. Let's carry on, shall we? :D

I got an alert from my exchange about this. That is interesting but I can’t say I’m knowledgeable enough about the situation to know why it is necessary and how it affects things like NFTs on the (old?) chain. I played a bit on the Sandbox and earned some SAND and NFTs for example, so I guess I’ll have to learn how it effects those projects.

User balances on centralized exchanges holding Matic are temporarily frozen until the ticker change process is fully completed. The Matic network or now POL has nothing new. They are experiencing a decline in investor interest because there is not much of an updated ecosystem that they present, even some tokens on the POL network have not moved much in price.

Aside from the ticker change, I don't think there are any major changes to Poloygon's infrastructure or ecosystem so I don't we'll see any major price action to the upwards unless the market goes full parabolic in the last 4 months of the year. Fingers crossed but the rebrand I'm actually betting on is FTM to S (Fantom to Sonic). 

I won't be surprised if Polygon team intentionally delayed ticker change for years as last resort just like you said because they changed protocol name many years ago from "Matic network" to Polygon network but came the "MATIC" ticker for years.

Yes, there's still matic because the upgrade is not yet completed. All of the explanations are there on the links that I've placed on the first post. They're making POL as a staking token and why they're making this upgrade. I also don't get it why they're on the ETH chain when they can make their own mainnet with this upgrade but maybe that's going to happen with their next update and it is for them to answer that soon. But for the meantime, those are the placed answers that they have why this is happening.

I agree, everyone got used to matic already and now during this run they're changing it. And yes, we have to wait what will happen next.

I also agree with everyone's thought that there's not that much going to change with this upgrade regarding its price and it seems that the community doesn't like it but we can't do anything with that and we'll have to wait for its impact until it's completed.

being the oldest L2 is rough when other exchange already implementing such groundbreaking technology that put them far ahead compared to polygon.
the newest chain got the benefit of just copying existing feature since pretty much the feature is being published and is open source so it only requires little tinkering while also have the leisure time to grow additional features.
but I think the L2 market as a whole is already having decline of investors, so the fault isn't completely on the polygon side.

people are more interested in new blockchain that actually matters, these L2 no matter how good they are, always become the side dish of the main blockchain which is L1 and people finally realizes that L2 are created every week.

I think L2 has many more uses than just reducing fees. For example, decentralized exchanges, NFTs, games, and many things that are not considered transactions should be there. Here, the fees will be constantly low with the possibility of being able to be scalable in unnecessary directions.

There would be backup scalability of sorts put in place, whereas we don't see such in ETH itself ;D Only time will tell how L2's will go through changes like that.

Let's not forget about L3s. It's the next big thing. Layers built on top of other layers. Just like how the Internet works today. Even Sony built its own L2 network on top of the Ethereum blockchain. Highly-scalable L1s like Solana and BSC might need L2s if they get plagued by network congestion. There's no such thing as "infinite scalability", though. If developers want to keep the main chain decentralized, moving certain transactions off-chain (L2) would be the way to go.

I think Polygon will still be relevant in the future. It's already fast, cheap, and highly-compatible with the EVM. It's even better than separate L2 solutions such as Arbitrum and Optimism. I've read that developers will be integrating ZKPs on the Polygon chain. It will make Polygon more scalable and private. The change from MATIC to POL is only a rebranding. But if the project keeps innovating, it might reach the top someday. Who knows if POL goes as far as surpassing SOL in market cap? :)

Why do you think so? ;D

Because it will be on ETHs mainnet, I think that's the reason for him. And if that's possible, it should have been done long ago when Polygon wasn't that big yet. But I think on its current state, it's quite big already and it's been noticed globally and the market share that it has got is quite good enough. Anyway, this is the crypto market we've seen acquisitions after acquisitions. And for a big crypto to purchase another project is possible but I don't think that it will happen anyway. As for this update[1] of Polygon, it's now live.

[1] MATIC to POL Migration Is Now Live. Everything You Need to Know. (https://polygon.technology/blog/matic-to-pol-migration-is-now-live-everything-you-need-to-know)

Or we can rather say that they are an alternative because they don't reduce the fees for the other coins but it was them that has a cheaper fee. Not just there is a 'possibility' of them being scalable but they are really scalable. This is one of their advantages.

I think no. Polygon or POL now must still be owned by the same team but may be yeah that they might be getting a buy offer because they are one of the best performing cryptos in this market and one of it might be ETH. I don't only think that POL will agree to it because like I said earlier, they are already doing well and are earning a great income. They can also earn more passive profits if they still have their project, than if they sell it and get one-time big-time amounts.

Anyway, my thoughts about Polygon is that it's great that they are continuing on improving their service to the public. This should give them another positive impression and can make their price rise more. I didn't really pay attention to what their update is all about but even if I do, I think I won't still understand it lol. The only thing that I can say is that it must be one of a kind that it leads them to change their name.

When ticker change will be completed? my Matic is hold on binance exchange still not swap to Pol, I dont know about other centralized exchanges. But I see most of top exchanges disabled Matic trading pair and open Pol trading pair but only Binance still not stop Matic trading pair. Pol and Matic pirce is same no price changes, so what is this advantages of this token upgrade .

No need to panic—Binance will support the Polygon (MATIC) token swap to Polygon (POL). POL will replace MATIC, and the swap will be at a 1:1 ratio (1 MATIC = 1 POL).

Binance will delist MATIC on September 9th(this is the day) and switch to POL. There's nothing you need to do; your wallet will automatically update with the new coin. MATIC holders should just be aware of this change. And that's what i've read.

Isn't Polygon Labs a non-profit organization? Even if it was a company, the Ethereum Foundation is not. Since when crypto is all about companies? When you associate crypto with a CEO of a company, that's when you've forgotten about its true meaning. Crypto would be no different than traditional stocks. I'm afraid this is the way the industry is heading into. And we can all blame VCs and "Wall Street" for that. Polygon will still be Polygon no matter what. Assuming it stays true to the principles of decentralization and censorship-resistance.

The transition from MATIC to POL is just a marketing strategy. Of course, there are some minor improvements for the chain. But the thing is, all of the attention is on Solana right now. Especially with all of the garbage "meme" coins and NFTs. Who cares about tech when there's money to be made with "shitcoins"? That's the harsh truth. I guess quality projects like Polygon and Polkadot will be overlooked by investors for long. ETH is lucky to be at the top of the altcoins market, especially when now it's a "centralized shitcoin". Only time will tell whenever POL will survive or not. Who knows what the future will bring? :D

I am also holding Matic coins on OK exchange and unfortunately it is not tradeable now which I am failing to understand why is so as migration to POL was supposed to be supported by all major exchanges. The Matic team should come forward and explain all these confusions, However, despite all these issues I am quite confident about positive impact of this migration on Matic price in the long term.

I have a huge amount of matic in one of my wallets. Do I have to do something to swap to the new token or I just have to chill and hope for an airdrop? I don't want to end up with a pile of useless tokens right now

As ibuddy said: "No need to panic—Binance will support the Polygon (MATIC) token swap to Polygon (POL). POL will replace MATIC, and the swap will be at a 1:1 ratio (1 MATIC = 1 POL)".

You don't need to do anything, as I got it.

It will be delisted.

Not only kucoin but Binance and Matic are delisting.  Suddenly their decision has brought down the price of Matic a lot.  Such activity frustrates investors. And already many big investors have pulled out of Matic. I never support their activities and I will never be encouraged to invest in their POL tokens. It's really annoying when something like this is done to such a popular coin. And the desire to invest on that coin decreases

There will be a wave of going out, but with time, I think it will be forgotten, really.
Only time and effort from the team will tell if MATIC will do something that will get those who got discouraged - back.

I believe there is no issue with the Matic coin being held in wallet on polygon network as I have seen my own coin in my Metamask wallet have been successfully migrated to POL chain. However, I am also worried like you about my Matic coins in Bybit and OK exchanges accounts, where I an not able to trade or even withdraw them. The exchanges support teams along with Matic teams need to coordinate and resolve this pending issue once for ever , which is causing confusion among long term investors of Matiic coins.

Been using Polygon for a while but didn't knew it changed its abbreviation. Most of the defi and dapps I use still use Matic so no confusion there. As of recently, the transactions on polygon have come to hault. Can't process any of transactions even when I use double the recommended fees. Not sure if its due to the migration or update. People uses Polygon as cheaper fee Defi coin. Staking my coins and creating LP are cheaper in Polygon than on any popular network. If they solve their ocassional transaction failure problem, they could get a good market share.

altcoins has long become VC playground literally most of projects nowadays exist because VC funding otherwise the founder won't even bother creating projects, it's always money that they're after, this is why sometime people consider altcoin to be just VC coin and I think it's no different with this acquisition if it's really to be happening in the future.

that's why the true investment for crypto will always be bitcoin, even institutional investors know this and always put big chunk of money to bitcoin instead of diversifying to altcoins, they won't be buying things from altcoin because they know it's just VC's scheme.

Metamask upgraded Matic to POL on time but Trustwallet still not upgrade because i have seen my coins still showing in Matic network. But binance exchange completed migrated in POL and i got my coins. I don't why they delaying about migration in their wallet, a few days gone still they did not take any step of course it's confusing.

And that's why 99% of altcoins are centralized. They're funded by VCs driven by their own interests. Do you think they'll support truly-decentralized projects with anonymous developers/founders? Of course not! It's why Bitcoin is so different from alts. The community has been maintaining it after Satoshi left the project. All without funding from the aforementioned entities (as far as I'm aware).

Polygon is no different from Ethereum and the others. It will put VCs' own interests above all else. This means sacrificing decentralization in favor of convenience (scalability). Despite the transition to POL, market prices have barely moved. All eyes are on BTC to reach a new ATH. Once it does, alts like POL and the likes will go to the moon. So there's that. With so many L2 projects built on ETH these days, I wonder if Polygon will have a future? :D

The migration seem to be just the change in name. I don't find any difference prior to being MATIC or now POL. They do provide some technical jargon but the real experience is not much different. The fees are are similar or more than other L2s and there's not much new things happening on the network. It's also a matter of hype but also of the technology involved that increases the speed and decreases the price. The hype war is being led by TON while technologically newer L2 like zksync, manta, Injective EVM seem to impress me.

Yep, due to mini-apps TON is now on the hype train, and I agree, there may be many jargon about what was done on the POL, but as I've seen on this thread, experience didn't change - that - much to the point that it was worth it to do the rebrand.
Only time will tell how it will go.

yeah the only turn off of this migration is the long process and migration and it's not even seamless  ::).

it seems however the migration in the bigger exchange has proceeded successfully, it's just that in lesser known exchange it might take sometime.

https://imgvb.com/images/2024/09/25/e52fc3e61e768df1bbf2f93c1ad6f06d.png

the volume has finally migrated to POL and matic is nowhere to be seen. just wait it out I guess, since every exchange have different pace in taking care of the migration as it seems.

In the development of trading in the crypto market, many are influenced by various factors, as well as matic, I think in the long term there will definitely be an increase that meets hope, making it a choice for investors even though there are problems, at least it does not hinder movement in the future.

It was a historic event where Matic was rebranded to POL which is a multi-chain ecosystem. The goal of this change was to enhance utility of its token, and allowing it to secure and power multi-chain based polygon networks. I have held holding significant amount of Matic coins now converted to POL, for many years hoping good return on my investment Given the fact that Polygon is a popular network with one of the lowest transaction fees chain. I am optimistic, that addition of new features to its ecosystem, POL will perform now and potentially make all time high (ATH) in the next anticipated bullish market.

true, It was temporarily lost in the wallet on one of the exchanges that I usually store during the transition period, but after I confirmed with their exchange CS, my matic token was not lost and would be automatically swabbed by the exchange with the same number of tokens and it turned out to be exactly as stated a few days later matic changed its name to POL in my wallet.

If before the announcement was published if there were also users who sold it earlier, I think it would be even better, meaning the money could be used to buy other cheap ones and after there was a profit, just buy the POL again.

I think something really impressive in hype / shill / innovation should happen with the new MATIC (POL) for it to take what was lost due to migration ;D But that's my opinion.

Apparently, Polygon 2.0 (which changed from MATIC to POL) turned into a new kind of ZK-based chain (as in Zero Knowledge Proofs). Totally revolutionary, imo. If I'm right, that means Polygon will get higher scalability benefits with added privacy. Sort of what zksync does. I agree that all of the hype is on TON these days. But it won't last for long. Especially when Telegram's founder and CEO agreed to provide IP addresses and other personal information to the authorities upon request. The end of an era for privacy on Telegram, I'm afraid. If that's going to be the case with the instant messaging platform, what can you tell me about it's own Blockchain network (TON)? It'll probably do the same in the long run.

Polygon has better privacy and direct compatibility with the EVM. That's its main selling point. Someday people will notice its true benefits and drive market prices all the way to the moon. One can only imagine how high POL will go. Just buy, "hodl", and forget about the rest. ;)

Sounds good, just like what I would do with any other coin with the potential ;D
Though I am curious to read into it, I do think they have papers of sorts to read and dig your mind into.
TON is there to stay, in my opinion, though, after the mini-apps, the hype will die down around it.