Coinbase, a leading US-based cryptocurrency exchange, has announced that it will be adding support for Polygon’s (MATIC) rebrand to the Polygon Ecosystem Token (POL).
According to Coinbase Assets, POL will be included in its suite of products with an experimental label, indicating potential high price volatility or low trading volume.
Last month, Coinbase revealed that it had added POL to its listing roadmap, established in 2022 for transparency and to prevent the front-running of digital assets.
The transition from MATIC to POL was proposed last July as a way to enhance the network’s utility and growth. Sandeep Nailwal, the founder of Polygon Labs, mentioned that this shift towards greater interoperability was part of the plan.
Nailwal explained, “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 was previously announced that POL would replace MATIC as the native staking and gas token for the ecosystem, with the community having the option to expand its use cases in the future.
At the time of writing, POL is trading at $0.37, reflecting a 4% decrease in the last 24 hours.
Don’t Miss a Beat – Subscribe to receive email alerts directly to your inbox
Check Price Action
Follow us on Twitter, Facebook, and Telegram
Explore The Daily Hodl Mix
Featured Image: Shutterstock/Marinamiltusova2250