Polygon co-founder Sandeep Nailwal spurred public dialogue in regards to the undertaking’s token branding, asking the neighborhood if the community ought to take into account reverting its ticker from POL to MATIC.
On Wednesday, Nailwal mentioned that whereas he personally thinks that they need to follow POL, he continues to listen to suggestions that the unique MATIC ticker had stronger recognition, particularly amongst retail customers who at the moment are confused in regards to the asset’s whereabouts.
“The counter-argument I maintain getting is: the man within the Philippines working a sari-sari retailer, or an Uber driver in Dubai, knew MATIC… and now he has no concept the place it went,” he wrote.
Due to this, he requested his followers on X in the event that they suppose they need to change the token again to MATIC. “I’m genuinely curious what the broader neighborhood thinks, as a result of this suggestions retains arising,” he mentioned.
Cointelegraph reached out to Polygon for feedback, however had not acquired a response by publication.
Polygon token trades 89% under its all-time excessive
On Sept. 4, 2024, Polygon migrated its MATIC tokens into POL and framed the change as an improve. On the time, Polygon Labs CEO Marc Boiron informed Cointelegraph that POL “goes one step additional” than its predecessor.
Whereas MATIC solely earned charges from gasoline and staking, the POL token will even earn charges from further actions, reminiscent of securing knowledge availability or decentralizing a sequencer.
CoinGecko knowledge reveals that the Polygon token reached an all-time excessive of $1.29 on March 13, 2024. In accordance with the info aggregator, the token is now buying and selling at $0.13, which is about 89% under its all-time excessive.
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Polygon neighborhood break up on potential MATIC revert
Group responses to Nailwal’s put up mirrored a break up between customers who seen the ticker as a non-issue and those that expressed that model recognition was vital.
An X person with the deal with martijnde_boer mentioned Polygon ought to carry on constructing as a result of fundamentals matter greater than tickers.
This was echoed by one other X person, who mentioned that POL had already gained acceptance. “I consider POL has already overcome the toughest half, which is preliminary acceptance. Keep on with POL,” the person wrote.
However, a number of neighborhood members pushed again, noting that early adopters affiliate the undertaking with MATIC and that retail familiarity stays a strong issue.
“We haven’t actually seen a brand new wave of retail entrants into the markets, so going again to Matic may really be the play right here,” Mo Ezeldin wrote.
Whereas some argued for and in opposition to the ticker change, one other person advised stepping into a distinct course, like making the ticker PGON.
“MATIC was the model most OGs remembered it by, but it surely most likely feels much less intuitive for brand spanking new market members to seek out it below that ticker. Possibly ‘PGON’ or one thing would’ve achieved the trick?” a person wrote.
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