The MATIC to POL migration is happening next week as Polygon’s next step in its roadmap
Polygon Weekly Overview - August 30, 2024
Welcome back to the Polygon Weekly Overview. The best place for Polygon community members to get up to speed on the chain’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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By The Numbers
Polygon daily active users: 750.35K (+12.09%)
Polygon daily txns: 2.89M (-10.25%)
Polygon Total Volume Locked (TVL): $889.64M (-3.70%)
NFT weekly sales volume: $10.22M (-8.34%)
Top 3 NFT collections by sales volume:
MKgirl: $1.8M
Black Myth Wukong: $1.3M
Matr1x Fire Weapon: $1.3M
The percentages and metrics are based on a 7-day timeframe, unless noted otherwise.
Polygon Spotlight
🟪What happened: Polygon’s native token is transitioning from MATIC to POL in a technical upgrade on Sept. 4.
Holders of MATIC on the Ethereum network, Polygon PoS, or Polygon zkEVM can migrate their tokens into POL via the Polygon Portal, (Note: some users may still see their tokens as MATIC in their crypto wallets following the upgrade due to RPC. If this happens, holders can manually change it in their wallet.)
🟪Why does it matter: POL will replace MATIC as the native gas and staking token on the Polygon PoS network, eventually playing a crucial role in the AggLayer, according to the Polygon Labs team.
The token upgrade to POL is a step forward toward Polygon's evolution to become an aggregated network of blockchains.
POL is designed to be a hyperproductive token, offering enhanced utility and scalability. Validators with the token can also secure the Polygon PoS network and participate in zero-knowledge (ZK) proof creation and data availability committees.
With the introduction of the AggLayer, a network of ZK-powered layer-2 blockchains, POL hopes to serve as a more fluid exchange of value across these chains without the need for token bridges or wrapped assets. This is a step toward creating a network of networks, where multiple blockchains can interact with one another as if they were part of a single, unified system.
This can reduce the complexity associated with cross-chain transactions, making it easier for users to take advantage of the different chains within the ecosystem – all in one place.
This access to more interoperability can enhance the accessibility and scalability of Ethereum, as well as broaden the potential for new decentralized finance apps, cross-chain liquidity, and the creation of a more shared ecosystem.
🟪The big picture: POL aims to enhance overall network security and efficiency by enabling validators to secure multiple chains simultaneously. In turn, this can make Polygon an attractive option for validators and developers alike.
As Polygon’s ecosystem transitions to an aggregated network of blockchains, POL will play a big role in securing the network,supporting its continuous growth, and making it a stronger player in the broader blockchain ecosystem.
As the AggLayer network grows, the ability to move assets and data seamlessly across multiple chains can drive greater adoption of Polygon's ecosystem, attract more developers, and increase user engagement.
This upgrade supports the network's growth without compromising its performance and aligns with the broader roadmap for growing an aggregated network of chains.
Forging the Ecosystem
The Watch released its real time strategy game, built on the Immutable zkEVM network, to the Epic Games store
The Forgotten Universe launched the beta for its MMORPG New Foundations, powered by the Ronin Network
DapDap shared its DeFi consumer app DapDap d'Avinci is live on Polygon PoS and Polygon zkEVM
Wirex Pay announced the launch of its decentralized payment network to mainnet, powered by Polygon zkEVM
Highlighting the community
ICYMI: Members of the Polygon Labs team spoke in an X space about the network’s upcoming MATIC → POL migration
Learn more about the POL upgrade in a video created by YouTuber CryptoWendyO
X user nofuturephoto highlighted the latest DeFi developments in the Polygon ecosystem in a quick recap
Featured headlines
You might have seen these Polygon-related headlines recently…
Edge Matrix Chain raises $20 million in funding led by Polygon Ventures, Amber Group (The Block)
Polygon Miden Integrates QED Protocol To Accelerate Transaction Execution (The Defiant)
POL is a new native PoS token that will encompass all MATIC core functionalities (Figment)
Join in the fun
Want to dive into the Polygon ecosystem full-time? Find the latest job postings here.
Check out the details here for Gitcoin’s grants program for development of consumer products utilizing Farcaster Frames infrastructure on the Polygon network
Meet up with the Polygon community for a plethora of events during Korea Blockchain Week, from Sept. 1-7
Attend the Aggregation Summit, hosted by Polygon Labs, in Bangkok, Thailand from Nov. 10-11
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.