Coinbase has added Ethereum (ETH) layer-2 Polygon’s yet-to-be-launched native token to its listing roadmap.
Making the announcement via social media platform X, the top US crypto exchange says it has placed Polygon’s POL on its listing roadmap, which the exchange created in 2022 for the purpose of transparency and to prevent front-running of token listings.
POL is the upcoming rebrand of Polygon’s MATIC, which is slated for launch on September 4th, according to Polygon Labs.
MATIC will ultimately be replaced by POL as the native gas and staking token for Polygon in the initial phase of the transition. In subsequent phases, the community will decide whether to expand the utility of POL.
The token rebrand was first proposed last July as means of supercharging the growth of the network. Weeks later, Polygon Labs founder Sandeep Nailwal explained that the proposal was a part of the blockchain’s transition to Polygon 2.0.
Say the developers,
“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. That means every single transaction that takes place on Polygon PoS, starting 9/4, will use POL as the native gas token. That’s the short-term utility.”
Coinbase already supports trading for MATIC, which is currently priced at $0.523.
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