Top US crypto exchange Coinbase is adding support for the long-awaited rebranding of Polygon (MATIC) to the Polygon Ecosystem Token (POL).
In a new announcement, Coinbase Assets say it adds POL to its line of products with an experimental label, meaning it may 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 for transparency and to suppress the digital asset frontrunner.
The rebranding from MATIC to POL was first proposed last July as a way to boost usage and growth of the network. About a month later, Polygon Labs founder Sandeep Nailwal said the transition was part of a shift toward greater interoperability.
As stated by Nailwal at the time:
“POL offers the benefits of multi-chain staking without the added risks of re-staking. With the Polygon 2.0 proposal, the Polygon Ecosystem will expand from a single chain to an ecosystem of L2s (layer 2s) that can easily collaborate and share liquidity with each other.”
It was previously announced that POL and MATIC will not coexist and POL will take over the role of the native staking and gas token for the ecosystem. Furthermore, in the future, the community will decide whether to expand POL’s use cases.
POL is trading at $0.37 at the time of writing, down 4% in the last 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/Marinamiltusova2250
