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Rising confusion over Polygon’s token id has prompted challenge leaders to rethink a call made only a yr in the past. Issues from on a regular basis customers and long-time holders have reopened the dialogue about whether or not the community ought to drop its present POL ticker and restore MATIC, the title many nonetheless acknowledge.
Briefly
- Co-founder Sandeep Nailwal raises considerations as customers battle to acknowledge POL, pushing for a potential return to MATIC.
- Retail holders report problem discovering POL, arguing MATIC held stronger world visibility and simpler model recall.
- POL’s poor market efficiency provides stress, buying and selling far beneath prior highs and sitting beneath key technical ranges.
- Group cut up grows, with some supporting POL’s expanded utility whereas others choose restoring or changing the ticker.
Market Downtrend Fuels Contemporary Dialogue on Bringing Back MATIC
Polygon co-founder Sandeep Nailwal rehashed the subject after asking the group on X whether or not reverting to MATIC ought to stay an choice. He famous that, though he personally helps maintaining POL, he nonetheless hears that many retail customers battle to seek out or determine the up to date token. He added that small enterprise operators and gig-economy staff who beforehand held MATIC typically don’t understand that the asset now trades beneath a unique ticker.
This repeated suggestions pushed Nailwal to deliver the subject to the public. He emphasised that recognition amongst informal customers stays vital, even when core contributors really feel comfy with POL. His put up shortly drew combined reactions from merchants, builders, and long-time group members.
Polygon rebranded MATIC to POL on Sept. 4, 2024, presenting the shift as an improve to assist a broader multisided token mannequin. Below the revised construction, POL collects charges not solely from gasoline and staking but additionally from duties resembling securing knowledge availability or collaborating in decentralized sequencing. Polygon Labs CEO Marc Boiron defined that the change broadened the token’s position past what MATIC supplied.
POL Slides Under Key Ranges as Market Weak spot Deepens for Polygon
Even with the rebrand, Polygon has continued to yield to the ongoing market decline. As per newest on-chain knowledge, the coin is buying and selling at $0.13, about 90% beneath its March 2024 all-time excessive of $1.29. Technically, the asset is positioned beneath the 200-day easy transferring common, additional highlighting its market struggles.
Including to this technical development, the coin posted fewer than 12 inexperienced days in the final month. Specialists imagine retail frustration with the token’s new id could also be contributing to its poor standing.
Polygon Weighs Token Identification Shift as Customers Rally Behind MATIC
Group responses to Nailwal’s put up reveal a transparent divide, with some arguing that tickers matter lower than fundamentals. One consumer advised that the challenge ought to stay focused on development and permit the market to regulate to POL naturally. One other remarked that POL already cleared the tough early-acceptance stage and that switching again might create further confusion.
Others countered that MATIC nonetheless carries strong brand power amongst early adopters. They careworn that retail engagement stays essential and that customers who bear in mind MATIC anticipate to see that ticker when trying to find the asset.
We haven’t actually seen a brand new wave of retail entrants into the markets, so going again to Matic may truly be the play right here.
Mo Ezeldin
A number of recurring arguments sit at the middle of the debate:
- MATIC enjoys stronger world recognition than POL.
- Many retail customers stay unaware of the rebrand.
- POL provides broader utility however weaker visibility.
- Reverting might scale back confusion throughout future market progress.
- An alternate ticker, resembling PGON, may keep away from points tied to each the outdated and new symbols.
Some individuals additionally proposed selecting a very new ticker to sign continuity with out absolutely returning to the previous. To them, a brand new image might assist Polygon construct a contemporary id whereas avoiding the recognition issues POL at present faces.
Nailwal has not dedicated to any motion however talked about that he stays open to group enter. For now, Polygon’s management continues to weigh whether or not stronger model familiarity ought to information the subsequent steps in its token technique.
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James Godstime is a crypto journalist and market analyst with over three years of expertise in crypto, Web3, and finance. He simplifies complicated and technical concepts to interact readers. Exterior of labor, he enjoys soccer and tennis, which he follows passionately.
DISCLAIMER
The views, ideas, and opinions expressed on this article belong solely to the creator, and shouldn’t be taken as funding recommendation. Do your individual analysis earlier than taking any funding choices.
