Crypto trade Coinbase mentioned it will assist 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 announced that it will 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 concerning the migration of Coinbase balances together with the timeline for conversion as soon as obtainable.”
In the course of the migration, sending and receiving MATIC on the Polygon community can be disabled between Aug. 26 and Sept. 10. This measure goals to make sure a easy transition from MATIC to POL.
The trade additionally revealed plans so as to add assist for POL on the Ethereum community by Sept. 4. The agency will even assist 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 response to CryptoSlate’s information, 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 supply beneficial companies throughout all chains inside the Polygon community, together with AggLayer. The token will function the first foreign money for gasoline charges and staking inside the Proof-of-Stake (PoS) community which is prime to Polygon community safety.
It added:
“POL will assist 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 objectives to spice up community effectivity.
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Liam ‘Akiba’ Wright
Also called “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized expertise has the potential to make widespread constructive change.
