Making the announcement via social media platform X, the top US crypto exchange says it has placed Polygon's POL on its listing roadmap
Major US crypto exchange Coinbase has added Ethereum (ETH) layer-2 Polygon’s yet-to-be-launched native token to its listing roadmap.
Coinbase announced the addition of Polygon’s (MATIC) upcoming rebrand (POL) to its listing roadmap on Monday. The exchange created the roadmap in 2022 to enhance transparency and prevent front-running of token listings.
According to Polygon Labs, the launch of POL will take place on September 4th. The token will replace MATIC as the native gas and staking token for Polygon in the initial phase of the transition. The community will decide whether to expand the utility of POL in subsequent phases.
The token rebrand was first proposed last July as a means of supercharging the growth of the network. Later that month, Polygon co-founder Nailwal explained that the proposal was a part of the blockchain’s transition to Polygon 2.0.
Here’s how the developers describe the short-term and long-term roles of POL in the Polygon ecosystem:
“In the short term (September 4th, 2023), the Polygon Scan block explorer will reflect the new token name (POL) and symbol (PLG) in place of MATIC (MATIC). Every single transaction that takes place on Polygon PoS, starting 9/4, will use POL as the native gas token. That means every single dApp, NFT mint, swap, transfer, bridge, etc., will be powered by POL.
In the long term, the current community consensus proposes that POL will support broader roles in the Polygon staking hub (to be released in 2025), including block generation, zero-knowledge proof generation, and participation in Data Availability Committees (DACs)… Following [the proposal], consensus was reached that Polygon PoS validators must stake POL to earn protocol rewards and transaction fees in POL.”
Coinbase already supports trading for MATIC, which is currently priced at $0.523.
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