Polygon Considers Reverting to MATIC Ticker

Sandeep Nailwal disclosed in a Nov. 25 post on X that Polygon could consider reverting to its old MATIC ticker from POL if it receives strong community approval. The Polygon founder’s disclosure comes amid conversations that the MATIC ticker was stronger and more familiar among users.

Polygon Founder Hints at Ticker Reversal

Nailwal stated that he has recently been hearing pro-MATIC token talks in the Polygon trading community. According to him, some community members believe that MATIC was far stronger and familiar with history and recognition.

As such, he asked if Polygon should order exchanges to revert the token’s ticker to MATIC. He stressed that there is currently too much agitation around this move.

Nailwal believes that the project should stick to its POL ticker. He explained that the POL ticker is already popular among many users, especially the Crypto Twitter (CT) community.

However, he noted that his belief has been countered with arguments that regular users do not recognise POL as MATIC. This includes users like traditional traders and Uber drivers, who now have no idea where MATIC went.

They argued that projects shouldn’t be making decisions based on CT sentiments since it only represents less than 5% of the total crypto trading population.

Amid the mixed arguments, Nailwal asked the broader community to provide feedback for the project to work on. “No guarantees that exchanges would even agree to a revert — but who knows, it might be a trivial update on their end,” he added.

Nailwal’s statement has already begun attracting mixed responses from the Polygon community on X as of press time. While some believe that the reversal could be beneficial, others think the move is unnecessary.

OrbitX, a web3 payment card platform, argued that while MATIC had more recognition, POL had already cleared the hard part. Hence, a reverse could create more confusion than clarity, but a strong narrative could strengthen POL.

Polygon upgraded its native token from MATIC to POL last year, making it the new native gas and staking token. The upgrade automatically switched MATIC holders to POL following widespread support from exchanges.

Since the transition, Polygon’s POL token has suffered significantly with a downward price spiral.

POL Price has Struggled Since Name Change

CoinMarketCap data shows that POL currently trades at around $0.1349. This represents a consistent value loss that has rocked the token since its launch.

According to the data, the token has declined by nearly 80% over the past year. POL’s price chart indicates that it has failed to enjoy the price rallies witnessed across the market during this period. The token has also fallen by over 33% in the past month, and over 8% during the last seven days.

The negative price movement positions the POL token among the biggest crypto losers during the past year.

Meanwhile, Polygon community members believe that the entrance of retail demand to the token may improve its price. They suggested that the protocol should consider promoting the POL token instead of reverting to the MATIC ticker.