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Polygon is gearing up for an upcoming transition from its native MATIC tokens to the new Polygon Ecosystem Token (POL) tokens. As per an August 18 announcement, the new update is set to happen on September 4. It aims to assign POL the main token for gas fees and staking functionalities within the scaling solution’s Proof-of-Stake (PoS) network.

Notably, this plan comes under the broader Polygon 2.0 upgrade, which started with the initial launch of three Polygon Improvement Proposals (PIPs).

The transition from MATIC to POL will be a phased rollout that reflects Polygon’s broader ambitions to enhance its network’s efficiency. Initially, POL will replace MATIC to assume responsibilities as the core gas and staking token.

Polygon plans to include POL further into its cutting-edge AggLayer project in the later stages. AggLayer, which is created to optimize Layer 2 solutions, will see POL playing a major role in its operations, marking a new chapter in the network’s evolution.

It is important to note that the testing of the Polygon PoS upgrade from MATIC to POL went live on July 17. The primary goal behind this testnet was to find and solve any issues before the actual mainnet migration.

Migration Details Polygon’s PoS network users holding MATIC do not need to take any steps for this highly anticipated transition. On the other hand, those with MATIC on Ethereum, Polygon zkEVM, or centralized exchanges might have to follow certain procedures to participate. Interestingly, Ethereum already has a migration contract in place, allowing for a seamless and permissionless upgrade for those who choose to transition.

Notably, Polygon has not explicitly set any deadline for this token migration. However, the community retains the power to declare a deadline anytime, as per the release.

The Polygon 2.0 roadmap plans to introduce a new staking layer designed to enhance Polygon’s Layer 2 (L2) solutions and the upgrade of Polygon PoS to zkRollup technology. Amid this massive plan, Polygon announced two separate partnerships with Fox Corporation and Ronin Network in June to increase the use case of its zero-knowledge (ZK) technology.

MATIC Price Dynamics As the market digests this news, MATIC has shown a slight upward movement. It is currently trading around $0.418, a 1% increase in the past 24 hours. This price action is accompanied by a surge in trading volume, up by 30% to $144 million.

With a market cap of $4.16 billion, MATIC currently ranks as the 21st biggest crypto by market capitalization, according to CoinMarketCap.

However, it’s important to note that MATIC has not performed as strongly in this bull cycle compared to its explosive growth in the last cycle. The token remains down by over 27% over the past year and is currently trading 85% below its all-time high of $2.92, achieved in December 2021. MATIC holders expect the token to reach $2 by the peak of this ongoing cycle.

Earlier this month, Web3 game GasHero announced that it burnt more than 116,000 MATIC, worth around $50,000, through gas fees on Polygon.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.

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2 mins read August 22, 2024

Coinbase will add POL to its roadmap, supporting it on both Polygon and Ethereum networks. Starting August 26, Coinbase will transition the Polygon ticker from MATIC to POL on the Polygon Network. MATIC has surged 12% in 24 hours and 27% over the past 30 days. Coinbase, the US’s biggest crypto exchange by trading volume, added the Polygon Ecosystem Token (POL) to its roadmap. It announced its support for POL on both the Polygon and Ethereum networks, renewing market interest and boosting trading activity. MATIC price has surged by 27% in the last 30 days.

Recently, Polygon notified the community of its long-awaited upgrade from MATIC to POL. On September 4, 2024, all MATIC tokens on the Polygon PoS chain will migrate to POL tokens.

Coinbase supports POL migration In an X post Coinbase mentioned that from August 26, the crypto exchange will migrate the Polygon ticker from MATIC to POL on the Polygon Network. The trading activity will be disabled for MATIC on the Polygon Network till September 10 to complete the crucial process.

It added that the exchange will add support for POL on the Ethereum network. However, the customers who hold MATIC staked through Coinbase will be able to access the staking program and receive rewards.

Coinbase highlighted that from August 26 to September 10, MATIC will go under the ticker upgrade process. It advised the users to refrain from depositing MATIC on Polygon PoS. Sending and receiving of tokens on Polygon like VOXEL, USDC, CBETH, and WETH will also be disabled during the update.

In the coming months, Coinbase plans to complete the migration from MATIC to POL on behalf of users. We will provide details regarding the migration of Coinbase balances including the timeline for conversion once available.

— Coinbase Assets 🛡️ (@CoinbaseAssets) August 21, 2024

The exchange will provide details regarding the migration of balances including the timeline for conversion once available, while trading for both MATIC and POL on Ethereum will continue to be supported until further notice.

MATIC spikes 12% in 24 hours MATIC price has seen an instant incline after the announcement of the much awaited migration. Polygon price surged by almost 28% over the last 30 days. This jump has helped the token to reduce the loss booked in the longer time frame. Its price spiked by another 12% in the last 24 hours.

Polygon is trading at an average price of $0.529, at press time. It is still down by 81% from its all time high of $2.92, recorded on December 27, 2021. Its 24-hour trading volume skyrocketed by 124% to stand at $577 million. 

The migration to POL was first proposed last year as an upgrade to MATIC in PIP-17. The POL ERC-20 contracts went live on Ethereum last October. Polygon suggests that this upgrade is an exciting and highly anticipated process as it further expands the utility of Polygon’s native token to reflect and power its vision.

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Ashish Kumar

Ashish Kumar is a crypto and financial journalist with eight years of newsroom experience. He covers what’s happening with crypto markets, regulation, DeFi, and exchange ecosystems. He has worked with Coingape, Todayq, and Newsroompost. Ashish holds a PGDP in English Journalism from the IIMC. He has also interviewed industry figures including Arthur Hayes, Yat Siu, Austin Federa, and more.

Crypto exchange Coinbase said it would support the Ethereum layer-2 network Polygon planned token upgrade from MATIC tokens to the new Polygon Ecosystem Token (POL).

On Aug. 21, the exchange announced that it would begin migrating the Polygon ticker from MATIC to POL starting Aug. 26. It stated:

“In the coming months, Coinbase plans to complete the migration from MATIC to POL on behalf of users. We will provide details regarding the migration of Coinbase balances including the timeline for conversion once available.”

During the migration, sending and receiving MATIC on the Polygon network will be disabled between Aug. 26 and Sept. 10. This measure aims to ensure a smooth transition from MATIC to POL.

The exchange also revealed plans to add support for POL on the Ethereum network by Sept. 4. The firm will also support trading for both MATIC and POL on Ethereum until further notice.

Meanwhile, customers staking MATIC on Coinbase will continue to earn rewards.

According to CryptoSlate's data, Polygon's POL and MATIC tokens surged over 10% following the news.

POL migrationCoinbase's announcement reflects the positive sentiments surrounding Polygon's upcoming POL migration, scheduled for Sept. 4.

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Polygon describes POL as a hyperproductive token designed to offer valuable services across all chains within the Polygon network, including AggLayer. The token will serve as the primary currency for gas fees and staking within the Proof-of-Stake (PoS) network which is fundamental to Polygon network security.

It added:

“POL will support broader roles in the Polygon staking hub (to be released in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs).”

Meanwhile, the transition from MATIC to POL will occur in phases, mirroring Polygon's broader goals to boost network efficiency.

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