The Polygon revealed more information about the awaited rebrand of MATIC coins to POL tokens.
Their crypto project confirmed that mainnet upgrade will happen on 4 September 2024. POL will initially serve as the staking and gas coin in the Polygon network, replacing MATIC.
Community reaction will determine whether the blockchain will increase the new token’s utility to Polygon’s AggLayer (aggregation layer).
The updates triggered increased activity in Polygon. For instance, on-chain stats show daily active addresses have climbed to yearly highs.
Such sentiments saw projects in its ecosystem, including Potcoin (POT), recording notable actions.
Potcoin is a crypto operating in the Polygon blockchain. It displayed an attractive performance amidst the ongoing ecosystem developments.
POT maintained an upward stance, changing hands near $0.00245195 at this writing.
MATIC’s rebrand to POL
The Polygon Foundation updates showed that MATIC coins will transform into POL tokens on 4 September. The migration aims to improve operational efficiency and security in the Polygon blockchain.
The community remains attracted to the move, and support from industry players such as Mark Cuban magnifies the optimism.
That underscores significant potential adoption and expansion within the project, opening a lucrative opportunity for digital asset investors.
Understanding Potcoin
Besides being one of the alts operating in the Polygon network, Potcoin developers created it to solve banking needs in the marijuana market.
POT aims to ensure secure, convenient, and more efficient transactions for legal cannabis businesses.
POT price outlook
Potcoin changed hands at $0.002462 during this publication, reflecting eye-catching performance on its price charts, climbing from a 7-day low at $0.00113853.
POT 7D Chart on CoinGecko
However, its upward momentum appears weak, and the 97% plunge in daily trading volume suggests relentless declines for POT.
Potcoin is relatively new in the market, thus the wild volatility. Nevertheless, ongoing narratives support potential stability for Potcoin in the upcoming sessions.
The altcoin will likely benefit from the surging daily users on the Polygon ecosystem.
Moreover, basic banking services remain a challenge for cannabis businesses amid booming annual marijuana sales.
Experts believe that the US legal cannabis industry will net $43 billion in sales by 2025.
Top Cannabis Companies in the #USA and Their #Domain Choices#Cannabis is the world’s most known and commonly cultivated and used drug. #Marijuana sales in the #US raised to $17.5B and are expected to reach $43B by 2025 and $85B in sales by 2030.https://t.co/GNUNgkeX3n pic.twitter.com/vbgjKXduNq
— MarkUpgrade (@markupgrade) July 4, 2024
That means increased transactions between legal marijuana consumers and businesses. That positions Potcoin for robust utility in the coming months, translating to significant growth for POT prices.
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