Key Notes
- Polygon officially completed its migration from MATIC to the new POL token on September 3.
- The announcement was preceded by a massive “buy the rumor” rally, with the price peaking at nearly $0.29 on September 2.
- Native staking for the new POL token is now live, allowing holders to earn rewards and become eligible for airdrops.
Polygon’s network [NC] upgrade from its MATIC token to POL is now complete, following a successful migration announced on September 3.
With the transition finalized, the network has enabled native staking for the new POL token directly on Ethereum
ETH
$4 425
24h volatility:
1.2%
Market cap:
$534.70 B
Vol. 24h:
$32.23 B
, allowing users to earn validator rewards.
The market demonstrated strong anticipation for the news in a classic “buy the rumor” scenario. According to historical data from Coingecko, trading volume peaked at over $631 million on Sept. 1.
This momentum continued into September 2, pushing the token’s price to a high of nearly $0.29 as traders positioned themselves ahead of the official announcement.
Following the confirmation on September 3, the token’s price saw minor consolidation around the $0.28 mark. This price stability suggests the preceding rally had already captured the market’s positive sentiment surrounding the milestone.
Polygon price chart on TradingView. | Source: TradingView
Staking Features and Network Growth
The new staking functionality allows POL holders to help secure the Polygon network. In return for staking their tokens, participants can receive a portion of validator rewards and become eligible for future community airdrops.
This development positions POL as a notable option for users exploring the best crypto to stake in the current market.
The network’s underlying growth is reflected in its on-chain data. Polygon’s unique address counts are consistently on the rise, reaching 527 million as of September 3.
This user growth is complemented by a strong DeFi ecosystem, with the network’s Total Value Locked (TVL) reaching $1.23 billion in August, a 43% increase year-to-date.
This milestone comes during a period of leadership transition for the project. The departure of co-founder Mihailo Bjelic in May marked the third founder to step away from an active role, prompting discussions within the community about the protocol’s long-term stability.
The network’s continued adoption by government bodies further highlights its growth. For instance, the government of the Philippines recently adopted Polygon for document verification.
In the United States,Wyoming’s government-backed stablecoin, the Frontier Stable Token (FRNT), also launched on the Polygon network in August.
The POL token is designed for expanded utility beyond securing a single chain and is set to power Polygon’s Agglayer, an interoperability solution aimed at creating a more unified cross-chain ecosystem.
The upgrade maintained a 1:1 swap ratio from MATIC to POL and introduced a new tokenomics model with a 2% annual emission over ten years to fund network security and grants.
For users who have not yet migrated, a MATIC migration tool remains available on the Polygon Portal.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
Zoran Spirkovski on X
Source: https://www.coinspeaker.com/polygons-pol-migration-completes-after-buy-the-rumor-rally-as-native-staking-goes-live/
