Coinbase Backs Polygon’s MATIC to POL Upgrade

Details of Coinbase’s Support Plan

On August 21, 2024, Coinbase unveiled its plan to support the MATIC to POL upgrade, including POL in its token listing roadmap. The exchange will start preparations on August 26, and the process is expected to be completed by September 10.

Here are the key details of Coinbase’s support plan:

• Temporary Suspension: Users are advised not to deposit MATIC on the Polygon PoS network during the upgrade period. The “send/receive” feature for MATIC and other Polygon tokens, including VOXEL, USDC, CBETH, and WETH, will be temporarily disabled.
• Staking Continuity: MATIC staking on Coinbase will continue as usual, allowing users to collect rewards throughout the update.
• ERC-20 Tokens: Coinbase will maintain support for the ERC-20 versions of MATIC and POL, enabling customers to trade these tokens on the Ethereum network.

The POL Token: A New Era for Polygon

The transition from MATIC to POL is a significant part of Polygon’s strategy to create a scalable and efficient network. Polygon Labs describes POL as a “hyperproductive token” that will replace MATIC as the native gas and staking token for the Polygon PoS network.

Key aspects of the POL token include:

• Annual Inflation: POL introduces a 2% annual inflation model to incentivize staking and participation across various blockchains.
• Multichain Staking: The full functionality of POL will be realized with the launch of Polygon’s multichain staking layer in 2025.

Migration Process for MATIC Holders

For users with MATIC held in self-custody wallets on the Polygon PoS network, transitioning to POL involves a few adjustments. Wallets will need to update their RPC settings to reflect the ticker change. ERC-20 MATIC token holders can migrate to POL through:

• Etherscan Token Migration Contract: Use the migration contract on Etherscan for a seamless transition.
• DEX Swap: Perform a swap on decentralized exchanges to exchange MATIC for POL.

There is no deadline for the MATIC to POL migration, providing users with flexibility in managing their assets during the transition.

As the upgrade approaches, users should stay informed about any additional updates from Coinbase and Polygon to ensure a smooth transition to the new POL token.