- Coinbase announced plans to support the upgrade from MATIC to POL.
- This process requires a long-term suspension of asset deposits.
- The POL upgrade is expected to transform MATIC into a “super-productive token.”
Polygon Network is undergoing a major overhaul in line with its roadmap for a unified chain architecture that will scale infinitely on Ethereum. One of the changes outlined to realize this vision is upgrading the network’s native token from MATIC to POL.
In July 2024, Polygon revealed that the MATIC to POL upgrade would take place on September 4. As the set date approaches, exchanges now appear to be racing to come up with plans to support the upgrade on behalf of their customers, with Coinbase, the largest U.S. cryptocurrency exchange, taking the lead.
Coinbase Announces Plans to Upgrade from MATIC to POL
Coinbase will support Polygon’s MATIC to POL upgrade. On Wednesday, August 21, the cryptocurrency exchange announced that it had added POL to its token listing roadmap, ahead of explaining its plans to perform the upgrade on behalf of its users.
While the MATIC to POL upgrade on the Polygon mainnet is scheduled for September 4, Coinbase said it plans to begin preparations on August 26, with the process expected to be completed by September 10. During this time, the exchange has warned users not to deposit MATIC tokens on the Polygon PoS network.
At the same time, the “send/receive” functionality for Polygon tokens such as VOXEL, USDC, CBETH, and WETH will also be discontinued. Nevertheless, the exchange emphasized that users will still be able to stake MATIC on the platform and receive rewards during the upgrade period.
Meanwhile, Coinbase has stated that it will continue to support the ERC-20 version of MATIC alongside the ERC-20 version of POL in the near future.
The exchange promised to provide more details about the process, including a timeline, in the future.
What are the benefits of upgrading from Polygon MATIC to POL?
When Polygon Labs unveiled its MATIC upgrade plans in July 2023, the team described POL as a “hyper-productive token.” This description comes as POL holders will be able to earn multiple rewards by staking their assets to validate transactions across multiple blockchains on Polygon’s integrated blockchain network.
To fulfill this expanded role, POL will be inflationary. Unlike MATIC, which has a fixed supply of 10 billion tokens, POL’s supply will increase by 2% per year.
However, Polygon users will not be able to enjoy all the benefits of the new POL token from day one, as the first phase of the upgrade scheduled for September will only replace MATIC with POL as the gas and staking token for the Polygon PoS network.
On the other side
- MATIC holders using Polygon PoS self-custody wallets will only need to adjust their wallet’s RPC settings to reflect the ticker change following the September 4 upgrade.
- Holders of ERC-20 token MATIC in self-custody wallets can migrate via Etherscan’s token migration contract or DEX swap.
- The full functionality of POL will likely not be unlocked until Polygon is unlocked. Multichain staking layer It will be released in 2025.
- There is no deadline for MATIC holders to upgrade to POL after the mainnet upgrade.
Why this matters
Coinbase is the largest cryptocurrency exchange in the United States. The exchange is expected to support Polygon’s POL to MATIC upgrade, allowing millions of users to make a smooth transition.
To learn more about Polygon’s MATIC, read:
Polygon (MATIC) Thirsty to Break Out of Month-Long Downtrend Amid Altcoin Rally
See why Coinbase supports Ethereum.
Why Fears of Ethereum’s Downfall Are Vastly Exaggerated: Coinbase