- Coinbase backs Polygon’s MATIC to POL upgrade, enabling seamless user transition by September 10.
- Polygon’s POL token introduces 2% annual inflation, replacing MATIC for gas and staking in the PoS network.
- There is no deadline for MATIC to POL migration; self-custody users must update their wallets or migrate via Etherscan.
Coinbase, the US’s largest cryptocurrency exchange, has announced backing Polygon’s upcoming token upgrade from MATIC to POL, scheduled for September 4, 2024. This move aims to improve network scalability and efficiency, with Coinbase expected to streamline user transition.
Details of Coinbase’s Support Plan
Coinbase revealed its plans to support the MATIC to POL upgrade on August 21, 2024, including POL in its token listing roadmap. The exchange will begin preparations on August 26, with the process expected to conclude by September 10.
During this period, users are advised not to deposit MATIC on the Polygon PoS network, as the exchange will temporarily disable the “send/receive” feature for MATIC and other Polygon tokens such as VOXEL, USDC, CBETH, and WETH.
Despite temporarily suspending several functions, Coinbase informed customers that MATIC staking on the site will continue as usual, letting them collect rewards throughout the update. Furthermore, Coinbase will continue to offer the ERC-20 versions of MATIC and POL, allowing customers to trade these tokens on the Ethereum network.
The POL Token: A New Era for Polygon
The MATIC to POL upgrade is a pivotal component of Polygon’s broader network overhaul, aligning with its vision to create an aggregated chain architecture capable of infinitely scaling Ethereum. Polygon Labs describes POL as a “hyperproductive token,” which will replace MATIC as the native gas and staking token for the Polygon PoS network.
Polygon’s POL introduces a dynamic model, increasing its supply by 2% annually to incentivize staking and participation across various blockchains. However, its full functionality will only be realized after the launch of Polygon’s multichain staking layer in 2025.
For MATIC holders using self-custody wallets on the Polygon PoS network, the transition to POL will require minor adjustments, such as updating their wallet’s RPC settings to reflect the ticker change.
Those holding ERC-20 MATIC tokens can migrate to POL through a token migration contract on Etherscan or by performing a DEX swap. Notably, this migration has no deadline, giving users flexibility in managing their assets.
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