Ethereum

Token

POL (prev. MATIC)

Polygon

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.
<h3 id="span-style-font-weight-400-coinbase-supports-pol-migration-span">Coinbase supports POL migration</h3>
In an <a href="https://x.com/CoinbaseAssets/status/1826296238892863513" rel="noopener noreferrer nofollow" target="_blank">X post</a> 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 <a href="https://www.cryptopolitan.com/ethereum-stagnates-trades-in-narrow-range/" rel="noopener noreferrer nofollow">Ethereum</a> 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.
<blockquote class="twitter-tweet" data-conversation="none">
 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) <a href="https://twitter.com/CoinbaseAssets/status/1826296249458315317?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 21, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.
<h3 id="span-style-font-weight-400-matic-spikes-12-in-24-hours-span">MATIC spikes 12% in 24 hours</h3>
MATIC <a href="https://www.coingecko.com/en/coins/polygon" rel="noopener noreferrer nofollow" target="_blank">price</a> 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.&nbsp;
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.

Polygon migration bags Coinbase’s support, MATIC jumps 12%

Table of Contents

Cryptopolitan_News

Other articles published on Aug 22, 2024

Spot Bitcoin ETFs Record $39.4M Inflows as Ether ETFs Decline

Kamala Harris’s Statements on Cryptocurrencies Spark Criticism

BTC re-staking platform SatLayer secures $8m in pre-seed funding

3 XRP Rivals to Buy in August for 100X Profits

Justin Sun’s USDD Removed 12,000 BTC Without DAO Approval

Understanding the Link Between Miner Activity and Bitcoin Price

Join our free newsletter for daily crypto updates!