Coinbase, the largest cryptocurrency exchange in the United States, supports the much-anticipated rebranding of Polygon (MATIC) to Polygon Ecosystem Token (POL).
Coinbase Assets announced in a new announcement that it is adding POL to its experimental product family, meaning it may exhibit high price volatility or relatively low trading volume.
Last month, Coinbase announced that it had added the token to its listing roadmap for 2022 in an effort to increase transparency and curb frontrunning of digital assets.
The rebranding of MATIC to POL was first proposed in July last year as a way to drive adoption and growth for the network. About a month later, Polygon Labs founder Sandeep Nailwal said the change was part of a shift toward greater interoperability.
As Nailwal said at the time,
“POL provides the benefits of multi-chain staking without the added risk of re-staking. With the Polygon 2.0 proposal, the Polygon Ecosystem expands to a Layer 2 (L2) ecosystem where single chains can easily interoperate with each other and share liquidity.”
Previously, it was disclosed that POL and MATIC will not coexist and that POL will take over the ecosystem’s native staking and gas tokens. Additionally, the community will decide whether POL’s use cases will expand in the future.
At the time of writing, POL is trading at $0.37, down 4% over the last 24 hours.
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