On August 22, 2024, Coinbase announced that it is adding the Polygon Ecosystem Token (POL) to its roadmap. This news led to a big jump in POL’s price, which rose over 15% to $0.5251. With support for POL on both the Polygon and Ethereum networks, Coinbase is making it easier for users to trade and use the token.
This is a major development for Polygon. Coinbase’s decision to include POL highlights its effort to offer more token choices. By adding POL, Coinbase is working to attract more users and increase trading opportunities.
Ticker Migration and Network Changes
Starting August 26, 2024, Coinbase will switch the Polygon ticker from MATIC to POL on the Polygon network. This change means users won’t be able to send or receive MATIC and some other tokens like VOXEL, USDC, CBETH, and WETH on Polygon until September 10, 2024. This temporary pause is needed to ensure a smooth switch to the new ticker.
POL will also start being available on the Ethereum network as an ERC-20 token from September 4, 2024. This will make POL more useful across different blockchain platforms. Users who have MATIC staked with Coinbase will keep earning rewards during this transition. Coinbase will handle moving MATIC balances to POL and will provide more details about the process soon.
The announcement has caused significant price increases for both POL and MATIC. POL’s price rise shows growing interest and confidence in the new token. MATIC’s increase indicates positive market sentiment about the change. Trading volumes for both tokens have surged, reflecting more activity in the market.
After the migration, trading and transfers for both MATIC and POL on Ethereum will continue as usual. This migration is an important step for the Polygon network. It aims to improve the token’s function and integration in the crypto world, making POL a key asset in the Polygon ecosystem.
