Coinbase Backs Polygon’s Token Upgrade: MATIC to POL Transition
- Coinbase will migrate Polygon’s MATIC tokens to the new Polygon Ecosystem Token (POL) starting Aug. 26.
- Sending and receiving MATIC will be disabled from Aug. 26 to Sept. 10 to ensure a smooth transition.
- Support for POL on the Ethereum network and trading for both tokens will begin by Sept. 4.
- MATIC staking rewards on Coinbase will continue during the migration period.
Polygon’s POL token is designed to enhance productivity and offer valuable services across its network. It will be pivotal for gas fees, staking, and will play broader roles in the Polygon staking hub by 2025, including block generation and data availability.
This migration marks a significant step in boosting Polygon’s network efficiency, hinting at an ambitious future for Ethereum layer-2 solutions.
