MATIC Rebounds Above $0.41 as POL Migration Nears

The POL upgrade is part of proposed changes to achieve a scalable multi-chain ecosystem where different chains can interact within Polygon.

After months of anticipation, the highly awaited transition from MATIC to POL on the Polygon network finally took place on September 4. This development saw the network's native gas token officially shift from MATIC to POL.

The transition was part of a broader effort to enhance Polygon's scalability and efficiency. With POL becoming the primary gas token, transactions on Polygon PoS now utilize POL.

Following the transition, the altcoin experienced a moderate gain. At press time, POL was trading at $0.3773, up by 1.45% in 24 hours. During the same period, its market cap increased by 3.44% to reach $2.1 billion.

Another factor contributing to the increased attention on the altcoin was the ongoing price volatility in the crypto market. In recent weeks, altcoins have experienced extreme volatility.