The overall cryptocurrency market had a relatively stable day, but polygon Matic
+4.41%
In July, Polygon announced that after a year of community-driven discussions, the MATIC token would be upgraded to POL on September 4th.
This change makes POL the new ticker symbol for the native gas and staking token for the Polygon PoS chain, a proof-of-stake sidechain for Ethereum that is compatible with the EVM.
“The transition to POL is a critical component for the project as it develops on the ZK chain and integrates with AggLayer, which aims to unify liquidity and state across multiple chains,” wrote Vishal Chawla of The Block. “POL will maintain MATIC’s existing token economics and 10 billion token supply.”
According to The Block’s POL price page, POL is up 12.7% and trading at $0.42, giving it a market cap of $3 billion. Meanwhile, the GMCI 30, a selection of the top 30 cryptocurrencies, is up 1.5%.
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About the Author
Jason is the U.S. News Editor for The Block. He previously worked as a staff writer and later as an editor at Benzinga, a financial news and data company. He led Benzinga’s daily market coverage and the publication’s expansion into cannabis, cryptocurrency, and sports betting verticals. He holds a bachelor’s degree in journalism from Central Michigan University and lives in the suburbs of Detroit, Michigan. Follow him on X @JasonShubnell.