Coinbase to support Polygon token upgrade from MATIC to POL Coinbase to support Polygon token upgrade from MATIC to POL
The value of the tokens surged by more than 10% after the exchange announced the move.
1 min read
Updated: Aug. 22, 2024 at 12:41 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Coinbase said it would support the Ethereum layer-2 network Polygon planned token upgrade from MATIC tokens to the new Polygon Ecosystem Token (POL).
On Aug. 21, the exchange announced that it would begin migrating the Polygon ticker from MATIC to POL starting Aug. 26. It stated:
“In the coming months, Coinbase plans to complete the migration from MATIC to POL on behalf of users. We will provide details regarding the migration of Coinbase balances including the timeline for conversion once available.”
During the migration, sending and receiving MATIC on the Polygon network will be disabled between Aug. 26 and Sept. 10. This measure aims to ensure a smooth transition from MATIC to POL.
The exchange also revealed plans to add support for POL on the Ethereum network by Sept. 4. The firm will also support trading for both MATIC and POL on Ethereum until further notice.
Meanwhile, customers staking MATIC on Coinbase will continue to earn rewards.
According to CryptoSlate’s data, Polygon’s POL and MATIC tokens surged over 10% following the news.
POL migration
Coinbase’s announcement reflects the positive sentiments surrounding Polygon’s upcoming POL migration, scheduled for Sept. 4.
Polygon describes POL as a hyperproductive token designed to offer valuable services across all chains within the Polygon network, including AggLayer. The token will serve as the primary currency for gas fees and staking within the Proof-of-Stake (PoS) network which is fundamental to Polygon network security.
It added:
“POL will support broader roles in the Polygon staking hub (to be released in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).”
Meanwhile, the transition from MATIC to POL will occur in phases, mirroring Polygon’s broader goals to boost network efficiency.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
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