Crypto exchange Coinbase announced its support for Polygon's planned token upgrade, transitioning from MATIC to the new Polygon Ecosystem Token (POL). The move triggered a 10% surge in token values post-announcement.
Key Details of the Upgrade
- Migration Start Date: Aug. 26, 2024
- MATIC Send/Receive Disabled: Aug. 26 – Sept. 10 (Polygon network)
- POL Support on Ethereum: Expected by Sept. 4
- Staking Rewards: MATIC stakers on Coinbase will continue earning rewards during the transition.
Coinbase stated:
"In the coming months, Coinbase plans to complete the migration from MATIC to POL on behalf of users. Details on balance conversions will follow."
Why POL?
POL is designed as a hyperproductive token to:
- Facilitate gas fees and staking across Polygon’s PoS network.
- Support advanced roles like zero-knowledge proof generation and participation in Data Availability Committees (DACs) by 2025.
👉 Learn more about Polygon’s ecosystem upgrades
FAQs
Q: Will my existing MATIC tokens become worthless?
A: No. MATIC will gradually convert to POL, with Coinbase handling the migration for user balances.
Q: Can I trade both MATIC and POL during the transition?
A: Yes. Coinbase will support trading for both tokens on Ethereum until further notice.
Q: What’s the long-term vision for POL?
A: POL aims to unify Polygon’s multichain ecosystem, including AggLayer, while enhancing network security and scalability.
Market Reaction
Polygon’s POL and MATIC tokens jumped 10% post-announcement, reflecting investor optimism.
👉 Explore crypto trading strategies during token migrations
Note: This upgrade aligns with Polygon’s phased roadmap to optimize network efficiency. Stay tuned for migration timelines.
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