Polygon’s (MATIC) whale activity has skyrocketed by an astonishing 16,263% as the network gears up for a significant upgrade on September 4th.
This upgrade will see MATIC transition to POL, which will serve as the new native token for gas fees and staking on the Polygon Proof-of-Stake (PoS) network.
🚀🐳 Crypto Alert! #Polygon's (MATIC) whale activity skyrockets by 16,263% ahead of a major upgrade on Sept 4! 📈🔧 Is this the prelude to a blockchain revolution? 🌐💥 #CryptoNews #Blockchain #Ethereum #CryptoTrading #WhaleWatching #DeFi #CryptoMarket #BlockchainRevolution #POL… pic.twitter.com/kt9hTdjkSG
— Collin Brown (@CollinBrownXRP) August 21, 2024
In the first phase of this upgrade, POL will replace MATIC, simplifying processes for most users on the Polygon PoS network. For these users, no action is required, as the upgrade will be automatic. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges (CEXes) may need to manually migrate their tokens to POL using a migration contract available on Ethereum.
Proper Transition Plan From Polygon
This upgrade stems from a community-driven governance process that started last year with the PIP-17 proposal. The primary goal of POL is to broaden the token’s utility within the Polygon ecosystem, particularly as the network evolves into a platform for aggregated blockchains. The community strongly believes that POL will be crucial for maintaining the network’s security and fostering its growth.
On September 4th, the Polygon network will upgrade #MATIC to #POL. In this first phase, POL will replace MATIC as the native token for gas and staking on the Polygon Proof-of-Stake (#PoS) network. In future phases, POL may play a role in the AggLayer, depending on community… pic.twitter.com/SZ5DIA5Xi8
— Trade with Renato Ulianov (@twrulianov) August 18, 2024
To ensure a smooth transition, Polygon has thoroughly planned the migration. A testnet was launched on July 17th to address any issues before the mainnet upgrade. The migration process is being carried out with heightened security measures to minimize disruptions and ensure a seamless transition.
Despite the excitement surrounding this upgrade, investors should approach with caution. The TD Sequential indicator on the hourly chart suggests that MATIC could be facing a potential correction soon.
#Polygon has seen a significant surge in recent days, but caution is advised. The TD Sequential on the hourly chart is signaling a potential correction for $MATIC. pic.twitter.com/RScDXNv4Nx
— Ali (@ali_charts) August 21, 2024
As the Polygon network prepares for this major upgrade, the surge in whale activity indicates strong interest and anticipation in the market. Whether POL will live up to its expectations remains to be seen, but the upgrade marks a significant milestone in Polygon’s evolution.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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