Crypto exchange Coinbase recently announced its support for the Ethereum layer-2 network Polygon’s planned token upgrade from MATIC tokens to the new Polygon Ecosystem Token (POL). This move signifies a significant step towards the growth and development of the Polygon network.
Migrating from MATIC to POL
The migration of the Polygon ticker from MATIC to POL is set to commence on August 26, with Coinbase taking the lead in transitioning its users. During the process, sending and receiving MATIC on the Polygon network will be temporarily disabled from August 26 to September 10 to ensure a seamless transition to POL.
In addition to the token upgrade, Coinbase also revealed its plans to add support for POL on the Ethereum network by September 4. The exchange will facilitate trading for both MATIC and POL on Ethereum until further notice, providing users with more options for managing their digital assets.
Potential Impact on Polygon’s Value
Following the news of Coinbase’s support for the POL token upgrade, Polygon’s POL and MATIC tokens experienced a noticeable surge in value, reflecting the positive sentiments surrounding the network’s upcoming migration. This development is a promising indication of the community’s confidence in Polygon’s growth trajectory.
Polygon describes the POL token as a hyperproductive token that will offer valuable services across all chains within the Polygon network, including AggLayer. POL will serve as the primary currency for gas fees and staking within the Proof-of-Stake (PoS) network, playing a crucial role in ensuring the security and efficiency of the Polygon network.
The transition from MATIC to POL will be carried out in phases, aligning with Polygon’s broader objectives to enhance network efficiency. POL is expected to support various functions within the Polygon staking hub, such as block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs), further consolidating its utility within the ecosystem.
Overall, Coinbase’s support for the Polygon token upgrade represents a significant milestone in the network’s evolution, signaling a new chapter of growth and innovation for Polygon and its community. As the migration from MATIC to POL progresses, users can look forward to enhanced functionalities and opportunities within the Polygon ecosystem.