Polygon's MATIC to undergo revolutionary transformation into POL token

In a recent revelation that has sent ripples through the cryptocurrency community, Sandeep Nailwal, the founder of Polygon Labs, announced a significant upgrade to Polygon's native token, MATIC. The token is set to metamorphose into POL, a groundbreaking “third-generation” cryptocurrency.

Timeline of Polygon

Polygon's native token, MATIC, is poised for a transformation. Sandeep Nailwal, the founder of Polygon Labs, has hinted at a significant technical upgrade that would evolve MATIC into POL, touted as a “third-generation token.

Polygon Labs founder Sandeep Nailwal says Polygon's (MATIC) upcoming upgrade will transform its native asset into a “third-generation token.” The Polygon community is currently mulling a technical proposal that would upgrade the project's native MATIC token and rename it to POL. The proposal is part of the network's transition to Polygon 2.

MATIC, the native token of the Polygon network, has experienced both sides of the crypto market volatility in the last day, with a temporary boost followed by a steady price decline. Over the past 24 hours, the prominent altcoin has had its price bounce between $0.55 and $0.56, forming a major consolidation zone.

Num Finance launches nCOP, a Colombian Peso-pegged stablecoin on Polygon, offering users an 8% yield and promising a fresh take on remittances in Latin America. Num Finance, a Latin America-based stablecoins issuer, has introduced its latest stablecoin, nCOP.

Web3 specialist, KresusLabs, unveiled its innovative Kresus Market on August 23, positioning it as a connector for traditional online marketplaces and the evolving world of Web3. With its strategic location in the Web3 landscape, KresusLabs aims to streamline the user experience, particularly for those engaging with assets on the Polygon blockchain.

The world of cryptocurrency is witnessing a surge in stablecoins and digital currencies pegged to stable assets, often fiat currencies. Num Finance, based in Argentina, has recently made headlines by launching a new stablecoin tied to the Colombian peso.

Following the launch of the Kresus Marketplace on August 17, Kresus unveiled plans to introduce a suite of additional tools that will redefine how users engage with the Polygon ecosystem.

Polygon was one of the biggest movers in crypto markets on Tuesday, as the token fell by over 5% in today's session. The decline saw the token fall to its weakest point in two months, breaking out of a key support point in the process. Cardano was also in the red today.

Polygon (MATIC) is showcasing an impressive jump in its total whale transactions over the past week as every altcoin explores hidden triggers that can fuel price growth. For Polygon, data from crypto analytics platform IntoTheBlock (ITB) shows that whale transactions on Polygon have surged as high as 49.44% over the past week.

The MATIC price correction trend formed a new lower high at $0.891 and tumbled aggressively in the last five weeks. This downfall registered a 40% loss and evaporated the entire gain accumulated in the June-July rally.