Coinbase has added the yet-to-be-launched native token of Ethereum (ETH) Layer 2 Polygon to its listing roadmap.
The largest US cryptocurrency exchange, which made the announcement via social media platform X, said that it has included Polygon’s POL in its listing roadmap created in 2022 to increase transparency and prevent preemptive execution of token listings.
According to Polygon Labs, POL is a rebranded version of Polygon’s MATIC, which is scheduled to launch on September 4th.
MATIC will ultimately be replaced by POL, Polygon’s native gas and staking token, in the initial phase of the transition. In subsequent phases, the community will decide whether to expand the utility of POL.
The token rebranding was first proposed in July last year as a means to accelerate network 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.
The developers say:
“In the long term, the current community consensus suggests that POL will support a broader role on the Polygon Staking Hub (scheduled to launch in 2025), including block production, zero-knowledge proof generation, and participation in the Data Availability Committee (DAC)…
As per the proposal, we have reached a consensus that Polygon PoS validators should stake POL to earn protocol rewards and POL transaction fees. This means that starting from 9/4, all transactions that occur on Polygon PoS will use POL as the native gas token. This is the short-term utility.”
Coinbase already supports trading for MATIC, with the current price being $0.523.
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