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Top US-based crypto exchange Coinbase is adding support for the Polygon’s (MATIC) highly anticipated rebrand to the Polygon Ecosystem Token (POL).
In a new announcement, Coinbase Assets says it’s adding POL to its suite of products with an experimental label, meaning it could display high price volatility or relatively low trading volume.
Last month, Coinbase announced that it added the token to its listing roadmap, which was created in 2022 for transparency and to stifle the front-running of digital assets.
MATIC’s rebranding to POL was first proposed last July as a way to boost the network’s usage and growth. About a month later, Sandeep Nailwal, the founder of Polygon Labs, said that the transition was part of a shift toward greater interoperability.
As stated by Nailwal at the time,
“POL delivers the benefits of multi-chain staking without the added risks of restaking. With the Polygon 2.0 proposal, the Polygon Ecosystem will expand from a single chain to an ecosystem of L2s (layer-2s) that can easily interoperate and share liquidity with each other.”
Previously it was disclosed that POL and MATIC will not coexist and that POL will be taking over as the native staking and gas token for the ecosystem. Furthermore, the community will decide in the future if POL’s use cases will be expanded.
POL Is trading for $0.37 at time of writing, a 4% dip in the last 24 hours.