TL;DR
- Coinbase Supports POL: Coinbase will support the Polygon Ecosystem Token (POL) on both the Polygon and Ethereum networks, transitioning from MATIC to POL starting August 26, 2024.
- MATIC Price Surge: Following the announcement, MATIC’s price surged by 12% in 24 hours, with a 27% increase over the past 30 days, boosting market interest and trading activity.
- Migration Impact: During the migration period (August 26 – September 10), trading activity for MATIC on the Polygon Network will be disabled, but trading for MATIC and POL on Ethereum will continue.
Coinbase, the largest cryptocurrency exchange in the United States by trading volume, has announced its support for the Polygon Ecosystem Token (POL). This support extends to both the Polygon and Ethereum networks, marking a significant milestone for the Polygon community.
Starting 8/26, we will be migrating the Polygon ticker from MATIC to POL on the Polygon Network. Between 8/26 and 9/10, send/receive will be disabled for MATIC on the Polygon Network in order to successfully complete the ticker change from MATIC to POL. Here is what to expect:
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 21, 2024
Beginning on August 26, Coinbase will change the ticker for Polygon from MATIC to POL on the Polygon Network. This adjustment is part of a larger upgrade from MATIC to POL, set to be finalized by September 4, 2024.
Polygon’s MATIC Spikes 12% in 24 Hours
Following the announcement, MATIC, the native token of the Polygon network, experienced a significant price surge. Over the past 24 hours, MATIC’s price has jumped by 12%, and it has seen a 27% increase over the past 30 days.
At the time of writing, Polygon’s MATIC continues its upward trend, trading at $0.52, and increasing nearly 11% more, according to data from CoinMarketCap. This price movement has reignited market interest and boosted trading activity, with MATIC’s 24-hour trading volume skyrocketing by 124% to reach $577 million.
During the migration period from August 26 to September 10, trading activity for MATIC on the Polygon Network will be disabled. Coinbase has advised users to refrain from depositing MATIC on the Polygon PoS chain during this time.
Additionally, the sending and receiving of tokens on Polygon, such as VOXEL, USDC, CBETH, and WETH, will be temporarily disabled. However, trading for both MATIC and POL on the Ethereum network will continue to be supported until further notice.
Future Prospects for POL
The idea to transition to POL was initially introduced last year as part of the MATIC upgrade in PIP-17. The POL ERC-20 contracts officially launched on Ethereum last October.
Polygon emphasizes that this upgrade is not only thrilling but also eagerly awaited, as it enhances the functionality of Polygon’s native token, aligning with and advancing its overarching vision.
With Coinbase’s support, the transition to POL is expected to enhance the overall functionality and adoption of the Polygon network. Coinbase’s support for POL on both the Polygon and Ethereum networks is a significant development for the Polygon community.
The recent price surge of MATIC highlights the positive market response to this announcement, setting the stage for a promising future for POL.
