Popular US-based cryptocurrency exchange Coinbase has announced that it will be supporting the highly anticipated rebrand of Polygon’s (MATIC) token to the Polygon Ecosystem Token (POL).
According to a recent announcement from Coinbase Assets on Twitter, POL will be added to its suite of products with an experimental label, indicating potential high price volatility or low trading volume.
Earlier this year, Coinbase revealed that POL had been added to its listing roadmap, which was introduced in 2022 to provide transparency and prevent the front-running of digital assets.
The decision to rebrand MATIC to POL was initially proposed in July as a strategy to enhance the network’s usage and growth. Polygon Labs founder Sandeep Nailwal later explained that this transition was part of a broader move towards increased interoperability.
As Nailwal stated, “POL offers the advantages of multi-chain staking without the additional risks of restaking. With the Polygon 2.0 proposal, the Polygon Ecosystem will evolve from a single chain to a network of L2s (layer-2s) that can seamlessly interoperate and share liquidity.”
It has been confirmed that POL and MATIC will not coexist, with POL set to become the native staking and gas token for the ecosystem. The community will have a say in expanding POL’s use cases in the future.
At the time of writing, POL is trading at $0.37, reflecting a 4% decline over the past 24 hours.
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