Coinbase, a top US crypto exchange, has added support for Polygon (MATIC), whose highly anticipated rebranding as the Polygon Ecosystem Token is now Polygon Ecosystem Token.
Coinbase Assets has announced that it will add POL as an experiment to their suite of products. This could mean it displays high volatility in price or low volume trading.
Coinbase has announced last month that the Token will be added to the listing roadmap. The listing roadmap was designed in 2022 to increase transparency, and halt the competitiveness of digital assets.
The rebranding of MATIC to POL first came up in July last year as a means to increase the usage and growth of the network. Sandeep Nailwal of Polygon Labs said about a month after the announcement that this transition is part of the move towards greater interoperability.
Nailwal stated this at the time.
POL offers the advantages of multiple-chain stakes without adding the risk of restaking. The Polygon 2.0 proposal will allow the Polygon Ecosystem to expand beyond a single layer-2 chain and into an ecosystem that is composed of multiple L2s. These layers 2s can share liquidity easily with one another .”
It was previously revealed that POL, MATIC and the gas token POL would not be co-existing. POL is now the default staking/gas token in the Ecosystem. In the future, it will be up to the community whether POL will have more use cases.
POL is trading at $0.37 as of the time this article was written, which represents a drop of 4% in the past 24 hours.
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Featured Image: Shutterstock/Marinamiltusova2250
The post Coinbase adds support for highly-anticipated Polygon Rebrand Token Polygon ecosystem Token Polygon (POL) can be updated as new information becomes available.
