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In an important update for the crypto community, Coinbase has announced the resumption of full Polygon PoS support on its platform.
As stated in a recent tweet, Polygon PoS send/receive support has been resumed on Coinbase, and all services have been restored. POL has been enabled for trading across all regions where MATIC is available for trading.
USDC support from Coinbase to Polygon PoS has been restored as send/receive for VOXEL, USDC, CBETH and WETH on Polygon have been restored.
After a year of community-led discussions and consensus, MATIC upgraded to POL as the network token for Polygon on Sept. 4. This means that every transaction that takes place on Polygon PoS will now utilize POL as its native gas token.
Tomiwabold OlajideThe POL migration not only updated the native token for the Polygon PoS network, but it will also expand the utility of Polygon's native token in future phases, reflecting and powering Polygon's vision of an ever-growing network of aggregated blockchains.
Coinbase continues MATIC migration
Earlier, Coinbase announced a migration starting Aug. 26 for the Polygon ticker from MATIC to POL on the Polygon network till Sept. 10.
Following this, send/receive for MATIC on the Polygon network was disabled to complete the ticker change from MATIC to POL. Send/receive was also disabled for tokens on Polygon during the update, specifically VOXEL, USDC, CBETH and WETH - both of which have now been restored.
In the coming months, Coinbase says it plans to complete the migration from MATIC to POL on behalf of users. The crypto exchange teased details regarding the migration of Coinbase balances, including the timeline for conversion once available.
At the time of writing, the POL token with the POL ticker was down 2.32% in the last 24 hours to $0.373. In a significant milestone, the Polygon PoS reached a 21-month high of $1.95 billion in stablecoin market cap in the past month, boosted by major crypto projects, including Aave, Polymarket, Uniswap and Quickswap.
Valeria Blokhina
Godfrey Benjamin
Vladislav Sopov
Dan Burgin
U.Today Editorial Team