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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.