Coinbase Restores Polygon (POL) Services After Token Ticker Change

Leading American exchange Coinbase has enabled transactions for Polygon's native token, POL, after a ticker change from the project.

Coinbase has announced that it has restored services for Polygon (MATIC) on its platform, allowing users to send, receive, and trade the asset under its new ticker, POL.

The exchange had earlier paused transactions relating to Polygon to facilitate the migration from MATIC to POL, which was completed on September 4.

Coinbase initially enabled transactions for Polygon’s native token, POL, after a ticker change from the project. The US firm announced on Monday that it would now allow users to send, receive, and trade the asset under its new ticker.

In addition, Coinbase said it had enabled the same support it offered Polygon under its former ticker, MATIC. This meant users in the region where MATIC was traded could still transact with the layer 2 chain under the new POL ticker.

The reinstatement came after Coinbase announced it would support the network in its decision to change the ticker of its native token. In an August 21 tweet, the exchange stated that it would pause transactions relating to Polygon to facilitate the migration.

According to the announcement, Coinbase disabled sending, receiving, or trading Polygon’s MATIC on August 26. It earlier stated that it would resume services to users under the new ticker on Monday. Following the re-addition, Coinbase noted that it has also restored services that allow users to send and receive VOXEL, USDC, CBETH, and WETH on Polygon.

Polygon’s Integration of POL

The September 4 integration saw Polygon switch its governance token from MATIC to POL. This meant that all transaction fees on the Ethereum layer-2 would be paid for in POL instead of MATIC.

Also, POL would become the official staking token on Polygon’s Proof-of-Stake (POS). However, MATIC stakers would continue earning staking rewards until their cycle elapses.

The upgrade to POL was an initiative from the community, which was part of its roadmap to upgrade to an aggregated blockchain (AggLayer). Notably, MATIC and POL will coexist in Polygon until the community decides on a deadline for MATIC holders to upgrade to POL.