Polygon Co-founder Mulls Resurrecting Matic A Year After Pol Rebrand

Polygon’s co-founder said even small merchants and drivers recognized MATIC, but many struggle to locate POL since the token’s rebrand.

Polygon co-founder Sandeep Nailwal spurred public discussion about the project’s token branding, asking the community if the network should consider reverting its ticker from POL to MATIC.

On Wednesday, Nailwal said that while he personally thinks that they should stick to POL, he continues to hear feedback that the original MATIC ticker had stronger recognition, especially among retail users who are now confused about the asset’s whereabouts.

“The counter-argument I keep getting is: the guy in the Philippines running a sari-sari store, or an Uber driver in Dubai, knew MATIC… and now he has no idea where it went,” he wrote.

Because of this, he asked his followers on X if they think they should change the token back to MATIC. “I’m genuinely curious what the broader community thinks, because this feedback keeps coming up,” he said.

Cointelegraph reached out to Polygon for comments, but had not received a response by publication.

On Sept. 4, 2024, Polygon migrated its MATIC tokens into POL and framed the change as an upgrade. At the time, Polygon Labs CEO Marc Boiron told Cointelegraph that POL “goes one step further” than its predecessor.

While MATIC only earned fees from gas and staking, the POL token will also earn fees from additional actions, such as securing data availability or decentralizing a sequencer.

CoinGecko data shows that the Polygon token reached an all-time high of $1.29 on March 13, 2024. According to the data aggregator, the token is now trading at $0.13, which is about 89% below its all-time high.

Related: Polygon boss says he’s been ‘questioning his loyalty’ toward Ethereum

Source: CoinTelegraph