Crypto trade Coinbase mentioned it could help the Ethereum layer-2 community Polygon deliberate token improve from MATIC tokens to the brand new Polygon Ecosystem Token (POL).
On Aug. 21, the trade introduced that it could start migrating the Polygon ticker from MATIC to POL beginning Aug. 26. It acknowledged:
“Within the coming months, Coinbase plans to finish the migration from MATIC to POL on behalf of customers. We are going to present particulars relating to the migration of Coinbase balances together with the timeline for conversion as soon as obtainable.”
Through the migration, sending and receiving MATIC on the Polygon community shall be disabled between Aug. 26 and Sept. 10. This measure goals to make sure a clean transition from MATIC to POL.
The trade additionally revealed plans so as to add help for POL on the Ethereum community by Sept. 4. The agency will even help buying and selling for each MATIC and POL on Ethereum till additional discover.
In the meantime, clients staking MATIC on Coinbase will proceed to earn rewards.
In accordance with CryptoSlate’s information, Polygon’s POL and MATIC tokens surged over 10% following the information.
POL migration
Coinbase’s announcement displays the optimistic sentiments surrounding Polygon’s upcoming POL migration, scheduled for Sept. 4.
Polygon describes POL as a hyperproductive token designed to supply invaluable providers throughout all chains throughout the Polygon community, together with AggLayer. The token will function the first forex for gasoline charges and staking throughout the Proof-of-Stake (PoS) community which is prime to Polygon community safety.
It added:
“POL will help broader roles within the Polygon staking hub (to be launched in 2025), together with block technology, zero-knowledge proof technology, and participation in Information Availability Committees (DACs).”
In the meantime, the transition from MATIC to POL will happen in phases, mirroring Polygon’s broader targets to spice up community effectivity.
Talked about on this article
Liam ‘Akiba’ Wright
Also referred to as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized expertise has the potential to make widespread optimistic change.
