Coinbase has added the yet-to-be-launched Ethereum native token (ETH) layer-2 Polygon to its listing roadmap.
The announcement is made via social media platform X, the leading US crypto exchange say it placed Polygon’s POL on the 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 will launch on September 4, according to Polygon Labs.
MATIC will eventually be replaced by POL as the native gas and stake token for Polygon in the early stages of the transition. In subsequent phases, the community will decide whether to expand the usefulness of POL.
The token rebrand was first proposed last July as a means to boost the network’s growth. Weeks later, Sandeep Nailwal, founder of Polygon Labs, explained that the proposal was part of the blockchain’s transition to Polygon 2.0.
Tell the developers,
“In the long term, current community consensus suggests that POL will support broader roles in the Polygon staking hub (due in 2025), including block generation, zero-knowledge proof generation and participation in Data Availability Committees (DACs )…
Next [the proposal]consensus was reached that Polygon PoS validators should stake POL to earn protocol rewards and transaction fees in POL. That means that every single transaction that takes place on Polygon PoS, starting September 4, will use POL as the native gas token. That is the short-term benefit.”
Coinbase already supports trading in MATIC, which currently costs $0.523.
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