- The migration from MATIC to POL increased daily active addresses and total holders across the Polygon network.
- Interest in long positions increased, reflected by POL’s positive open interest-weighted funding rate in the futures market.
Polygon’s recent migration from MATIC to POL has sparked interest across the crypto market. The shift, which took effect on 4 September 2024, marks a notable change in Polygon’s network.
POL now serves as the primary token for transactions on Polygon’s Proof of Stake (PoS) chain, replacing MATIC as the native gas token. This upgrade has already had a visible impact on the network’s statistics and market performance.
Before the transition, MATIC had been on a steady decline, dropping over 10% in a week. However, since the introduction of POL, the token has experienced a slight upward movement.
As of the latest data, POL is trading at $0.3773, reflecting a 1.45% increase in the past 24 hours. In the same timeframe, POL’s market capitalization has risen by 3.44% to $2.1 billion, signaling growing interest in the asset.
Right now we have 2 tokens live ( $POL and $Matic ) which are listed on the top tier CEX-es and DEX-es.
Binance is going to delist Matic pairs in a few days and list POL.
I guess other CEX-es will do the same.We are in the transition phase in terms of market making, liquidity… pic.twitter.com/LdbWIjNeXl
— Vadim (@crypto_vadim) September 6, 2024
Santiment’s analysis of the network by Crypto_Vadim shows a clear surge in activity since the migration. New daily addresses on the network have climbed to 487, and the number of wallets holding POL continues to grow.
Since 15 August, the number of wallets created has increased by 64%, indicating that users are swiftly adopting the token. At the same time, large holders have reduced their share from 98% to 92%, a sign that smaller investors are entering the market.
The token has displayed positive sentiment in the futures market. The open interest-weighted funding rate has mostly stayed positive, hinting at investor optimism.
Meanwhile, POL’s supply outside of exchanges has declined, suggesting that holders are adopting a long-term strategy and refraining from short-term selling.
Overall, with the market displaying favorable conditions, POL is poised to continue its upward trajectory. Many traders are watching for a breakout above the $0.38 resistance level, potentially targeting $0.40 in the near future.
