MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%?
2024年8月17日 - 1:00AM
NEWSBTC
MATIC, the native token of the Ethereum sidechain Polygon, has had
it rough in the past five months. After soaring above $1.2 in
March, the token has been in freefall, dumping over 65%. For now,
MATIC faces strong rejection at $0.45 and continues to distribute,
which is evident in the daily chart. The lull across the crypto
scene and shrinking activity in DeFi means Polygon is on the
receiving end. Despite these market-related challenges, there is a
silver lining for MATIC holders. The Rebranding Of MATIC To Polygon
Polygon is evolving, and after the rebranding from the Matic
Network, MATIC, the native token, will be relaunched as POL. This
highly anticipated upgrade is set for September 4, 2024. Related
Reading: Crypto Analyst Unveils Six ‘Super-Cycle’ Tokens Primed For
Massive 1000x Price Explosion The rebranding will be a pivotal
shift for Polygon, making a stage in which the platform introduces
new utilities to POL as they look to grow and further innovate,
primarily by scaling Ethereum. In a post on X, Polygon said various
changes would accompany the rebranding. If anything, the team plans
to overhaul the current utility in MATIC and repurpose it to meet
the needs of their grand plans from now on. After September 4,
Polygon said POL would serve as an autonomous fuel, a change that
could also support prices. Under the new arrangement, POL will be
crucial for ensuring Polygon is secure. The token will be
distributed to validators as a reward for committing resources. The
steady stream of rewards, Polygon said, would incentivize
validators to commit even more resources. At the same time, a
portion of POL will be channeled to the Community Treasury. The
funds will be used to super-charge development and research, with
some allocated to the ecosystem initiatives. The Grants Program And
Polygon 2.0: Will It Revive Demand? Polygon has activated the
Community Grants program, dedicating 100 million POL per year for
the next decade to spur development in the ecosystem. The objective
is to catalyze growth and ensure the platform is secure. Related
Reading: Is Dogecoin (DOGE) Headed For A 40% Slide? This Analyst
Thinks So The effort is part of the Polygon 2.0 roadmap, which aims
to scale Ethereum further using zero-knowledge technology.
Platforms launching as Ethereum layer-2s using the Polygon
development stack will also receive liquidity from a unified
source. At the same time, they will be interoperable with other
layer-2s using the same stack since they are connected via the
Aggregation Layer. Despite all these efforts, only time will tell
whether MATIC will inch higher. The local resistance is at $0.45.
If broken, the token must be more than 2X before reclaiming March
highs. Feature image from iStock, chart from TradingView
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