Coinbase has announced the addition of Ethereum (ETH) layer-2 Polygon’s upcoming native token to its listing roadmap.
Sharing the news on social media platform X, the leading US crypto exchange stated that Polygon’s POL has been included in its listing roadmap established in 2022 to ensure transparency and prevent front-running of token listings.
POL is set to be the rebranded version of Polygon’s MATIC, scheduled for release on September 4th, as confirmed by Polygon Labs.
In the initial phase of the transition, MATIC will be replaced by POL as the native gas and staking token for Polygon. Subsequent phases will involve the community deciding on expanding the utility of POL.
The proposal for the token rebrand was initially introduced last July to boost the network’s growth. Polygon Labs founder Sandeep Nailwal later clarified that this transition was part of the blockchain’s evolution to Polygon 2.0.
According to the developers,
“In the long term, the current community consensus suggests that POL will play a broader role in the Polygon staking hub (to be launched in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs)…
Following the proposal, it was agreed that Polygon PoS validators must stake POL to earn protocol rewards and transaction fees in POL. This means that every transaction on Polygon PoS, starting on 9/4, will utilize POL as the native gas token. This is the short-term utility.”
Coinbase already facilitates trading for MATIC, currently priced at $0.523.
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