Coinbase has added the yet-to-launch Ethereum (ETH) native layer 2 token Polygon to its listing roadmap.
Making the announcement via social media platform X, the leading U.S. cryptocurrency exchange said it has placed Polygon’s POL on its listing roadmap, which the exchange created in 2022 in the interest of transparency and to prevent early launch of token listings.
POL is the next new brand of Polygon’s MATIC, which is set to launch on September 4, according to Polygon Labs.
During the initial phase of the transition, MATIC will eventually be replaced by POL as the native gas and staking token for Polygon. In subsequent phases, the community will decide whether or not to expand POL’s utility.
The token name change was first proposed last July as a way to boost the network’s growth. A few weeks later, Polygon Labs founder Sandeep Nailwal explained that the proposal was part of the blockchain’s transition to Polygon 2.0.
Developers say:
“In the long term, the current community consensus proposes that POL support broader roles in the Polygon staking hub (coming in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs)…
Following the proposal, a consensus was reached that Polygon PoS validators should stake POL to earn protocol rewards and transaction fees in POL. This means that every transaction that takes place on Polygon PoS, starting September 4th, will use POL as its native gas token. This is the short-term utility.
Coinbase already supports trading for MATIC, which is currently priced at $0.523.
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