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Coinbase announced it has restored services for Polygon on its platform under the new POL ticker.
Leading American exchange Coinbase has enabled transactions for Polygon’s native token, POL, after a ticker change from the project. The US-based firm stated today that it would now allow users to send, receive, and trade the asset under its new ticker.
Furthermore, Coinbase added it had enabled the same support it offered Polygon under its former ticker, MATIC. This meant users in the region where MATIC was traded could still transact with the layer 2 chain under the new POL ticker.
The reinstatement came after Coinbase announced it would support the network in its decision to change the ticker of its native token. In an August 21 tweet, the exchange stated it would pause transactions relating to Polygon to facilitate the migration.
Per the announcement, Coinbase disabled sending, receiving, or trading Polygon’s MATIC on August 26. It earlier stated that it would resume services to users under the new ticker yesterday. Following the re-addition, Coinbase noted it has also restored services that allow users to send and receive VOXEL, USDC, CBETH, and WETH on Polygon.
Polygon’s Migration to POL
The September 4 integration saw Polygon switch its governance token from MATIC to POL. This meant all transaction fees on the Ethereum layer-2 would be paid for in POL instead of MATIC.
Also, POL would become the official staking token on Polygon’s Proof-of-Stake (POS). However, MATIC stakers would continue earning staking rewards until their cycle elapses.
The upgrade to POL was an initiative from the community, which was part of its roadmap to upgrade to an aggregated blockchain (AggLayer). Notably, MATIC and POL will coexist in Polygon until the community decides on a deadline for MATIC holders to upgrade to POL.
POL Fails to Impress
Meanwhile, Polygon has continued to underperform despite the recent upgrade. POL’s price surged over 10% following the news that Coinbase would support its upgrade. Since then, it has been on a downward spiral with the rest of the market.
POL is down 12% in the past month and 71% from its yearly high in March. At the time of writing, POL ranks 30th in market cap with $2.5 billion. The asset trades at $0.368, down 3.42% in the past 24 hours.