MATIC will cease to exist in 2 weeks, but its price is skyrocketing

The value of Polygon (MATIC), the nineteenth largest cryptocurrency by market capitalization, has seen a rise of over 25% in seven days. With this improve, it’s buying and selling at $0.51 (USD) on the time of writing.

This worth motion makes MATIC one of many 4 best-performing cryptoassets over seven days (making an allowance for the highest 100 cryptocurrencies and tokens in the marketplace), as proven under.

A lot of this motion, which could be seen under, has occurred within the final 24 hours. Exactly on this interval, it appreciated by greater than 10%.

The rise comes amid a Bitcoin (BTC) rally that has pushed the general cryptocurrency market increased. Nonetheless, this isn’t the one issue that will have brought on the motion. As well as, a related occasion in its ecosystem is approaching, which appears to be acquired positively by its market.

MATIC is dealing with the countdown to its finish

In simply two weeks, On September 4th, MATIC will likely be changed by a brand new crypto asset known as POLThe token issuing firm, Polygon Labs, introduced this information simply over a month in the past when it acquired group consensus to take action.

That is “a completely community-driven improve,” the broadcaster stated when making the announcement. As CriptoNoticias reported, it describes MATIC’s substitute as “the next-generation native token, designed to safe, align, and develop the Polygon ecosystem.”

“POL is an thrilling and long-awaited improve, primarily as a result of it additional expands the utility of Polygon’s native token to replicate and empower Polygon’s imaginative and prescient as an ever-growing community of aggregated blockchains.”

Polygon Labs, developer of the Polygon community.

POL will likely be enabled to supply governance rights to customers and provide options that enhance the scalability of its community. Amongst them, it is going to enable a decentralized group of PoS (Proof of Stake) validators to supply safety, resilience, and neutrality to every community that’s launched within the Polygon ecosystem.

MATIC customers on Polygon PoS is not going to have to do something to have their tokens changed. These will likely be up to date to POL robotically on the talked about date.

Holders of the asset on Ethereum, Polygon zkEVM, or centralized exchanges (CEX), nevertheless, might have to take some motion to improve it. It’s subsequently essential for this group to overview their communications or seek the advice of the workforce answerable for the platforms.