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Coinbase, the largest cryptocurrency exchange in the United States, announced in its official statement that it will now list the updated and rebranded version of the Polygon Ecosystem Token (POL) instead of the Polygon (MATIC) token.
According to a recent announcement by the Polygon team, this strategic change aims to increase the utility and functionality of the network.
The Polygon Ecosystem Token, known as POL, was established on October 25, 2023, as part of the broader Polygon 2.0 roadmap. This transition represents a significant advancement in the evolution of the network, particularly Layer 2 chains powered by zero-knowledge (zk) technology.
A prominent feature of the POL token is its re-staking protocol, which allows token holders to stake on multiple chains within the Polygon network. This multi-chain staking feature is designed to support various functions and enable network expansion.
The introduction of POL also aligns with the ongoing development of a new staking layer within the Polygon ecosystem.
The transition from MATIC to POL was scheduled to take place on September 4, 2024 (today).
*This is not investment advice.