Coinbase recently made an announcement regarding its support for the Ethereum layer-2 network Polygon’s planned token upgrade from MATIC tokens to the new Polygon Ecosystem Token (POL). The exchange revealed that it would begin migrating the Polygon ticker from MATIC to POL starting on Aug. 26. This move signifies Coinbase’s commitment to ensuring a seamless transition for its users as the upgrade takes place.
As part of the migration process, Coinbase will be disabling the sending and receiving of MATIC on the Polygon network between Aug. 26 and Sept. 10. This temporary measure is necessary to facilitate a smooth transition from MATIC to POL. Additionally, Coinbase plans to complete the migration from MATIC to POL on behalf of its users in the coming months. The exchange will provide further details regarding the migration of Coinbase balances, including the timeline for conversion, as soon as they become available.
In addition to the migration from MATIC to POL, Coinbase also disclosed its plans to add support for POL on the Ethereum network by Sept. 4. This move will enable trading for both MATIC and POL on Ethereum until further notice. Customers who are staking MATIC on Coinbase will continue to earn rewards during this transition period. These developments demonstrate Coinbase’s efforts to keep pace with the evolving cryptocurrency landscape and provide its users with access to innovative digital assets.
Polygon has described the upcoming POL token as a hyperproductive token intended to offer valuable services across all chains within the Polygon network, including AggLayer. The token will play a crucial role as the primary currency for gas fees and staking within the Proof-of-Stake (PoS) network, which is essential to the security of the Polygon network. Furthermore, POL is poised to have broader utility within the Polygon staking hub, with capabilities such as block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs) slated for release in 2025.
The transition from MATIC to POL will occur in multiple phases, aligning with Polygon’s overarching goals to enhance network efficiency and functionality. The positive sentiments surrounding the forthcoming POL migration, scheduled for Sept. 4, have already led to a significant surge in both POL and MATIC tokens, as reported by CryptoSlate. This transition marks a significant milestone for Polygon and reflects the growing adoption and recognition of its ecosystem within the cryptocurrency community.
