- Polygon Labs announced that the POL contract has been deployed on the Ethereum Mainnet.
- 10 million MATIC holders have switched to the POL address.
Times are changing, and so is the web3 project Polygon [MATIC]this could be the period to finally phase out the current ticker of its token and replace it with another one with more functionalities.
How many Worth 1,10,100 MATICs today?
According to Polygon’s official X-handle (formerly Twitter), POL has been deployed on the Ethereum [ETH] Main net.
The POL token upgrade is now live on the Ethereum mainnet.
Polygon 2.0, released this summer, is a roadmap for scaling Ethereum to build the value layer of the internet. POL unlocks that future.
POL is a next-generation token that can power a massive ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz
— Polygon (Labs) (@0xPolygonLabs) October 25, 2023
Polygon’s plans turn into operations
Interestingly enough, this isn’t the first time Polygon said POL would be the new ticker for its own cryptocurrency. In July, AMBCrypto reported how the project informed the crypto community of its intention to replace MATIC with the POL token.
During that time, Polygon said the decision to make the move was necessary and in line with Polygon 2.0’s goal of building the “value layer of the Internet.” Attached to the post on X (formerly Twitter) was a blog post with extensive details about the deployment.
According to Polygon, there was already one contract address for the POL token. In terms of utility, the statement noted that holders would be able to validate multiple chains and access shared liquidity. The message read,
“POL holders can validate multiple chains and fulfill multiple roles. The POL upgrade also paves the way for the next set of milestones in the Polygon 2.0 roadmap.”
However, MATIC’s response to the development was negligible. For a sign that has that won It was up 25.22% in the last seven days and remained around $0.63 after the announcement until the time of writing.
Full migration expected in 2024
Regarding network growth on the Polygon network, Santiment showed that the metric plummeted. Network growth shows the number of new addresses interacting with a network.
The decline therefore means that new entrants who confirmed adoption through transactions have refrained from making them.
But it was a contrasting case for the Active Addresses 24 hours. At the time of writing, MATIC’s active addresses had grown to 2237. Daily active addresses show the number of different addresses speculating around a token.
Therefore, the increase in the metric suggests greater audience interaction with MATIC.
Source: Santiment
Meanwhile, Tom Wan, a research analyst at 21co, disclosed that some MATIC holders were already migrating to POL. According to Wan, about 10 million holders of the token out of a total of 57 million have made the move.
Polygon’s POL contract address is live, currently offering 10,000,028,681
0x29e7DF7b6A1B2b07b731457f499E1696c60E2C4e appears to be the migration contract, with the function to migrate MATIC to POL
So far, 10M MATIC has been migrated. The unmigration function is not… pic.twitter.com/A7xpmudKVd
— Tom Wan (@tomwanhh) October 25, 2023
However, Wan also seemed concerned about the inability to migrate from the POL contract back to MATIC. But David Silverman, VP of product at Polygon Labs, addressed this issue. Silverman said the migration from MATIC to POL has begun and will proceed in phases.
Read Polygon [MATIC] Price prediction 2023-2024
He also noted that the full activation of PIP-19 in 2024 would ensure rapid movement by holders. For context, PIP-19 is the updated Polygon Proof-of-Stake (PoS) bridge contract, which ensures compatibility between MATIC and POL.
The VP said:
“Migration happens in phases. Users can migrate between MATIC <> POL on Ethereum today. When PIP-19 is activated in early 2024, all MATIC on Polygon PoS will be POL. Finally, strike will migrate to POL in mid-2024 to complete the migration.”