Coinbase, the leading US-based cryptocurrency exchange, is adding support for the highly anticipated rebranding of Polygon (MATIC) to the Polygon Ecosystem Token (POL).
In a new announcement, Coinbase Assets says it is adding POL to its product lineup with an experimental label, meaning it could exhibit high price volatility or relatively low trading volume.
Last month, Coinbase announced it had added the token to its listing roadmap, which was created in 2022 to increase transparency and stifle digital asset trafficking.
The name change from MATIC to POL was first proposed last July as a way to boost usage and growth of the network. About a month later, Sandeep Nailwal, the founder of Polygon Labs, said the transition was part of a move toward greater interoperability.
As Nailwal said at the time,
“POL offers the benefits of multi-chain staking without the added risks of resttaking. With the Polygon 2.0 proposal, the Polygon ecosystem will transition from a single chain to an ecosystem of L2s that can easily interact and share liquidity with each other.”
It was previously revealed that POL and MATIC will not coexist and that POL will take over as the native staking and gas token for the ecosystem. Furthermore, the community will decide in the future whether POL’s use cases will be expanded.
POL is trading at $0.37 at the time of writing, down 4% in the last 24 hours.
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Featured image: Shutterstock/Marinamiltusova2250
