The Transition from MATIC to POL on Coinbase Exchange

Coinbase recently announced its support for the Ethereum layer-2 network Polygon’s plan to upgrade from MATIC tokens to the new Polygon Ecosystem Token (POL). The exchange will begin migrating the Polygon ticker from MATIC to POL starting on Aug. 26. During this migration process, sending and receiving MATIC on the Polygon network will be disabled between Aug. 26 and Sept. 10 to ensure a smooth transition.

In addition to supporting the upgrade to POL, Coinbase plans to complete the migration from MATIC to POL on behalf of users in the coming months. The exchange will provide details regarding the migration of Coinbase balances, including the timeline for conversion, once available. Furthermore, Coinbase intends to add support for POL on the Ethereum network by Sept. 4 and will continue to support trading for both MATIC and POL on Ethereum until further notice.

Upon the announcement of Coinbase’s support for the migration to POL, both POL and MATIC tokens experienced a surge of over 10% in value. This positive sentiment reflects the anticipation surrounding Polygon’s upcoming POL migration scheduled for Sept. 4. Polygon describes POL as a highly productive token that will offer valuable services across all chains within the Polygon network, including AggLayer. The token will play a crucial role in facilitating gas fees and staking within the Proof-of-Stake (PoS) network, which is essential for ensuring the security of the Polygon network.

Future Role of POL

As part of its broader goals to enhance network efficiency, Polygon plans for the transition from MATIC to POL to occur in phases. POL will support various functions within the Polygon staking hub, which is set to be released in 2025. These functions include block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs). By adopting POL, users will have access to a more efficient and versatile token that aligns with Polygon’s vision for a secure and scalable network.

Coinbase’s decision to support the transition from MATIC to POL marks a significant milestone for the Polygon network. The migration process and the introduction of POL on the Ethereum network demonstrate Coinbase’s commitment to providing a seamless experience for users while also contributing to the growth and development of the Polygon ecosystem.