Crypto alternate Coinbase stated it might support the Ethereum layer-2 community Polygon deliberate token upgrade from MATIC tokens to the brand new Polygon Ecosystem Token (POL).
On Aug. 21, the alternate announced that it might start migrating the Polygon ticker from MATIC to POL beginning Aug. 26. It acknowledged:
“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.”
Through the migration, sending and receiving MATIC on the Polygon community can be disabled between Aug. 26 and Sept. 10. This measure goals to guarantee a clean transition from MATIC to POL.
The alternate additionally revealed plans to add support for POL on the Ethereum community by Sept. 4. The agency can even support 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 to CryptoSlate’s knowledge, Polygon’s POL and MATIC tokens surged over 10% following the information.
POL migration
Coinbase’s announcement displays the constructive sentiments surrounding Polygon’s upcoming POL migration, scheduled for Sept. 4.
Polygon describes POL as a hyperproductive token designed to provide priceless companies throughout all chains throughout the Polygon community, together with AggLayer. The token will function the first forex for fuel charges and staking throughout the Proof-of-Stake (PoS) community which is prime to Polygon community safety.
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).”
In the meantime, the transition from MATIC to POL will happen in phases, mirroring Polygon’s broader targets to increase community effectivity.
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Liam ‘Akiba’ Wright
Also referred to as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized know-how has the potential to make widespread constructive change.
