Coinbase has added Ethereum (ETH) layer-2 Polygon’s yet-to-be-launched native token to its itemizing roadmap.
Making the announcement by way of social media platform X, the highest US crypto change says it has positioned Polygon’s POL on its itemizing roadmap, which the change created in 2022 for the aim of transparency and to stop front-running of token listings.
POL is the upcoming rebrand of Polygon’s MATIC, which is slated for launch on September 4th, in accordance with Polygon Labs.
MATIC will finally get replaced by POL because the native fuel and staking token for Polygon within the preliminary part of the transition. In subsequent phases, the group will resolve whether or not to broaden the utility of POL.
The token rebrand was first proposed final July as a method of supercharging the expansion of the community. Weeks later, Polygon Labs founder Sandeep Nailwal explained that the proposal was part of the blockchain’s transition to Polygon 2.0.
Say the builders,
“In the long run, the present group consensus proposes that POL will assist broader roles within the Polygon staking hub (to be launched in 2025), together with block technology, zero-knowledge proof technology, and participation in Information Availability Committees (DACs)…
Following [the proposal], consensus was reached that Polygon PoS validators should stake POL to earn protocol rewards and transaction charges in POL. Which means each single transaction that takes place on Polygon PoS, beginning 9/4, will use POL because the native fuel token. That’s the short-term utility.”
Coinbase already helps buying and selling for MATIC, which is presently priced at $0.523.
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